Summary: Ethereum Continues to Surge
In recent trading sessions, Ethereum has demonstrated strong bullish momentum, surpassing key resistance levels and hitting a new weekly high above $3,234. Currently consolidating these gains, Ethereum is trading above $3,150 and the 100-hourly Simple Moving Average. A connecting bullish trend line with support at $3,160 has formed on the ETH/USD hourly chart, indicating a positive trend. Despite a minor decline below $3,200, Ethereumโs price outlook remains optimistic unless a significant bearish push drops it below the $3,030 zone.
Ethereum Price Extends Increase
Similar to Bitcoinโs recovery wave, Ethereumโs price surged past the $3,000 resistance level, marking a bullish trend. Climbing above $3,050 and $3,120 resistance levels, Ethereum entered a positive zone and reached a new high for the week at $3,234. While the price dipped slightly below $3,200, it remains above key support levels and the 100-hourly Simple Moving Average.
- The latest weekly high for Ethereum is at $3,234.
- Immediate resistance is near $3,210, followed by major resistance at $3,235.
- A close above $3,350 could propel Ethereum to $3,500 and beyond.
Downside Correction In ETH?
In case Ethereum fails to surpass the $3,235 resistance, a downside correction may be anticipated. Initial support is expected near $3,175, with major support levels at $3,160 and $3,150, aligned with the bullish trend line. A breach below $3,150 could intensify selling pressure, potentially driving the price towards $3,030. Further losses could lead Ethereum towards the $2,850 level in the near future.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is showing signs of weakening bullish momentum.
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 level.
- Major Support Level: $3,150
- Major Resistance Level: $3,235
Hot Take: Final Thoughts on Ethereumโs Price Movement
As Ethereum continues to surge, crossing key resistance levels and showcasing bullish strength, the current price trajectory remains positive. With support at $3,150 and a connecting bullish trend line, Ethereum is well-positioned for further gains. However, a failure to breach the $3,235 resistance could trigger a downside correction towards $3,030. Traders should monitor key support and resistance levels closely to gauge Ethereumโs next moves in the dynamic crypto market.
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