Ethereum has crossed the $3,200 level for the first time in months and could soon test the resistance at the 23.6% Fib level at $3,369
The broader cryptocurrency market has been rallying over the past few days, and Ethereum is at the heart of it. The second-largest cryptocurrency by market cap is up by nearly 30% in the past week and looks to extend its rally over the next few hours and days.
Ether didn’t perform well yesterday, dropping by 0.64% before reversing the losses and embarking on a mini-rally to end the day trading above $3,100. The cryptocurrency has managed to stay above the $3,200 region for the past few hours, and there is optimism that it could soon test higher resistance levels.
ETH price outlook
The ETH/USDT pair is looking bullish for the day ahead after rising by nearly 3% in the past 24 hours. For the rest of the day, ETH would need to avoid a decline below the $3,143 pivot if it plans to test the first major resistance level at $3,235. At the moment, ETH is trading at $3,212 per coin and is about to test that resistance level.
ETH/USDT 4-hour chart. Source: Coinalyze
Support from the general cryptocurrency market could provide further leeway. An extended market rally could see Ether test resistance at the 23.6% Fib level of $3,369. Ether hasn’t reached this level in weeks, and it surpassing the resistance level above $3,300 could be the catalyst for ETH to reach $3,500 over the coming days.
However, if ETH is unable to build on its momentum, it could drop to the first major support level at $3,050. Unless there is an extended sell-off, Ether should steer clear of sub-$2,900 levels. Currently, the second major support level stands at $2,959, and it could limit the losses in the case that the market turns bearish.
Ethereum has crossed the $3,200 degree for the primary time in months and will quickly check the resistance on the 23.6% Fib degree at $3,369
The broader cryptocurrency market has been rallying over the previous few days, and Ethereum is on the coronary heart of it. The second-largest cryptocurrency by market cap is up by almost 30% prior to now week and appears to increase its rally over the following few hours and days.
Ether didn’t carry out nicely yesterday, dropping by 0.64% earlier than reversing the losses and embarking on a mini-rally to finish the day buying and selling above $3,100. The cryptocurrency has managed to remain above the $3,200 area for the previous few hours, and there’s optimism that it may quickly check larger resistance ranges.
ETH worth outlook
The ETH/USDT pair is wanting bullish for the day forward after rising by almost 3% prior to now 24 hours. For the remainder of the day, ETH would wish to keep away from a decline beneath the $3,143 pivot if it plans to check the primary main resistance degree at $3,235. In the mean time, ETH is buying and selling at $3,212 per coin and is about to check that resistance degree.
ETH/USDT 4-hour chart. Supply: Coinalyze
Assist from the final cryptocurrency market may present additional leeway. An prolonged market rally may see Ether check resistance on the 23.6% Fib degree of $3,369. Ether hasn’t reached this degree in weeks, and it surpassing the resistance degree above $3,300 may very well be the catalyst for ETH to achieve $3,500 over the approaching days.
Nonetheless, if ETH is unable to construct on its momentum, it may drop to the primary main assist degree at $3,050. Until there’s an prolonged sell-off, Ether ought to keep away from sub-$2,900 ranges. At the moment, the second main assist degree stands at $2,959, and it may restrict the losses within the case that the market turns bearish.