Ethereum Price Maintains Support – Potential for 5% Rally in ETH
The price of Ethereum is currently holding strong above the $3,120 resistance level, hinting at a potential rally that could see a 5% increase if it surpasses the $3,280 resistance level.
- Ethereum has seen continued upward movement, surpassing the $3,220 resistance level.
- At present, the price is trading above $3,165 and has remained above the 100-hourly Simple Moving Average.
- An important bullish trend line is forming with support at $3,170 on the ETH/USD hourly chart (data feed via Kraken).
- Should Ethereum successfully break through the $3,280 resistance level, it could continue its upward trajectory.
Ethereum Price on the Rise
Similar to Bitcoin, the price of Ethereum has remained in a positive zone above the $3,000 mark. ETH has extended its gain, surpassing both the $3,150 and $3,165 resistance levels, and even reaching above the $3,250 mark.
The cryptocurrency reached a new weekly high at $3,263 before undergoing a minor correction. It briefly dipped below the $3,220 level, falling below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high.
However, the bulls quickly sprang into action, preventing further decline and maintaining support above the $3,200 level. The 61.8% Fib retracement level of the aforementioned wave also served as a crucial support level.
Currently, Ethereum is trading above $3,200 and the 100-hourly Simple Moving Average. Furthermore, a key bullish trend line is forming with support at $3,170 on the ETH/USD hourly chart. The immediate resistance lies near the $3,250 level, with the first major resistance at $3,280.
Source: ETHUSD on TradingView.com
The subsequent significant resistance can be found at $3,350. If breached, this level could drive further price momentum, propelling Ethereum toward the $3,500 mark. Should the rally continue, Ethereum may even test the $3,750 resistance level. Any additional gains could push Ether closer to the $3,880 resistance zone in the coming days.
Possibility of Another Downward Correction for ETH?
If Ethereum is unable to break through the $3,280 resistance level, it could prompt a downward correction. The initial support on the downside is located near the $3,200 level, while the first major support is around the $3,180 zone and the aforementioned trend line.
The main support level remains at $3,120. A clear break below this level may intensify selling pressure and push the price toward $3,030. Further losses could drive the price down to the $2,850 level in the near future.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,280