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Ethereum Price Sets Sights on Upside Break: Indicators Turn Green

Ethereum Price Eyes Upward Break: Signals Turn Positive

Ethereum’s price is showing signs of upward momentum as it surpasses the resistance level at $3,080. The cryptocurrency could experience further bullishness if it manages to close above the $3,150 resistance zone.

The ongoing uptrend has pushed Ethereum above the $3,050 level, with the price also trading above the 100-hourly Simple Moving Average. Additionally, a short-term bullish flag breakout occurred near $3,090, as indicated on the hourly chart of ETH/USD provided by Kraken.

Ethereum’s recent recovery surge led it to climb above the critical $3,000 resistance zone, outperforming Bitcoin in the process. The price even reached the $3,150 resistance region after encountering a high at $3,149. At present, the cryptocurrency is consolidating its gains, having experienced a minor dip below $3,120.

The price correction saw Ethereum test the 23.6% Fibonacci retracement level of the upward movement from the $2,895 swing low to the $3,149 high. However, Ethereum remains above the $3,050 level and the 100-hourly Simple Moving Average, with immediate resistance at the $3,120 mark.

If Ethereum manages to overcome the $3,150 resistance, it may continue its ascent. The subsequent major hurdle lies at around $3,220, and a successful close above this level could propel Ether toward the $3,320 resistance. Further resistance awaits at $3,400, with a potential upside break potentially leading the price toward the $3,500 zone in the near future.

However, failure to overcome the $3,150 resistance may result in another decline for Ethereum. Initial support lies at $3,080, followed by major support near the $3,020 zone, which aligns with the 50% Fibonacci retracement level. Should the price fall below $3,020, further losses may bring it closer to the $2,955 support level in the short term.

While the hourly MACD indicates a loss of momentum in the bullish zone, the hourly RSI is currently above the 50 zone.

In summary, Ethereum’s price is poised for an upward breakout, with the cryptocurrency aiming to surpass the $3,150 resistance zone. However, if it fails to do so, a decline could be on the horizon. Traders should keep a close eye on the $3,080 and $3,020 support levels as potential areas of interest.