Ethereum
Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why
Ethereum price accelerates above the $3,120 resistance zone. ETH could continue to rise unless there is a daily close below the $3,030 level.
- Ethereum extended its rise above the $3,150 resistance zone.
- The price is trading above $3,150 and the 100 hourly simple moving average.
- There is a connected uptrend line forming with support at $3,160 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise unless the bears push it below the $3,030 area.
The price of Ethereum extends its rise
Ethereum price triggered a recovery wave and was able to break through the $3,000 resistance, as Bitcoin. ETH even climbed above the $3,050 and $3,120 resistance levels to enter a positive zone.
It hit a new weekly high at $3,234 and is currently consolidating its gains. There was a slight decline below the $3,200 level. Ether fell below the 23.6% Fib retracement level of the recent surge from the $3,120 low to $3,234 high.
Ethereum is now trading above $3,150 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $3,160 on the ETH/USD hourly chart. The trendline is near the 61.8% Fibonacci retracement level of the recent increase from the $3,120 low to $3,234 high.
Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance lies at $3,280, above which the price could gain ground and reach the $3,350 level.
Source: ETHUSD on TradingView.com
A close above the $3,350 resistance could push the price towards the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any further gains could send Ether towards the $3,720 resistance zone in the coming days.
Downward correction in ETH?
If Ethereum fails to clear the $3,235 resistance, it could trigger a downward correction. Initial downside support is near the $3,175 level. The first major support lies near the $3,160 area and the trendline.
Main support is near the $3,150 level and the 100 hourly simple moving average. A sharp move below the $3,150 support could increase selling pressure and push the price towards $3,030. Any further losses could push the price towards the $2,850 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,150
Major Resistance Level – $3,235