Summary: Ethereum Price Set to Extend Gains Above $3,150
Currently, Ethereum is gradually moving upwards beyond the $3,050 mark. The price is currently above both $3,050 and the 100-hourly Simple Moving Average. A recent breakout above a short-term bullish flag with resistance around $3,090 on ETH/USD hourly chart indicates positive movement. There is potential for the pair to gain bullish momentum with a close above the $3,150 resistance zone.
Ethereum Price Surges Above $3,000 Resistance
- Ethereum price continues its recovery wave, surpassing the $3,000 resistance level.
- ETH climbed above $3,050 and broke a short-term bullish flag near $3,090 on the hourly chart.
- The pair spiked above $3,110, outperforming Bitcoin, and tested the $3,150 resistance.
- A high was established at $3,149, leading to current consolidation of gains.
- Minor decline below $3,120 tested the 23.6% Fib retracement level from $2,895 to $3,149.
Key Resistance and Support Levels for Ethereum Price
Currently, Ethereum is trading above $3,050 and the 100-hourly Simple Moving Average. Key points to note include:
- Immediate resistance near $3,120 level with major hurdle at $3,150.
- Following $3,150, next major obstacle at $3,220, leading to potential rise to $3,320.
- Break above $3,400 resistance could push price towards $3,500 in the coming days.
Possible Downward Trajectory for ETH
In the event Ethereum fails to surpass the $3,150 resistance, a downtrend might ensue with:
- Initial support around $3,080, followed by major support near $3,020 and 50% Fib retracement level.
- Break below $3,020 could see price drop towards $2,955 and potentially $2,880 support.
Technical Indicators for Ethereum
- Hourly MACD indicates waning bullish momentum for ETH/USD.
- Hourly RSI is currently above 50 zone for ETH/USD.
Hot Take: Ethereum Gearing Up for Bullish Surge
As Ethereum breaks key resistance levels and consolidates above $3,000, the cryptocurrency is poised for further gains. Traders should closely monitor the $3,150 barrier for potential bullish momentum towards $3,400 and beyond. However, a failure to surpass $3,150 might trigger a downward movement towards $3,000 support levels.
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