Ethereum is holding gains above the $3,200 resistance zone against the US Dollar. ETH price remains attractive and it might continue to rise towards the $3,350 resistance.
- Ethereum is trading nicely above the $3,100 and $3,150 support levels.
- The price is now trading above $3,200 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating and it is likely to extend gains above the $3,250 level.
Ethereum Price Could Extend Gains
Ethereum climbed higher steadily above the $3,150 resistance zone. ETH price even broke the $3,200 resistance zone and it settled nicely above the 100 hourly simple moving average.
A new multi-week high is formed near $3,278 and the price is now correcting gains. It declined below the $3,240 support level. There was a break below the 23.6% Fib retracement level of the recent wave from the $3,052 swing low to $3,278 high.
However, ether price remained well bid above the $3,150 support. It also found support near the 50% Fib retracement level of the recent wave from the $3,052 swing low to $3,278 high.
There is also a key bullish trend line forming with support near $3,110 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,250 level. The next key resistance is near the $3,275 level.
Source: ETHUSD on TradingView.com
A clear break and close above the $3,250 and $3,275 resistance levels might spark an upside continuation. The next key resistance might be near the $3,350 level, above which the price might rise towards the $3,500 resistance zone.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,250 and $3,275 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,180 level.
The first key support is near the $3,165 level. The main support is now forming near $3,110, the trend line, and the 100 hourly SMA. A downside break below the trend line support might push the price towards the $3,060 support. Any more losses could lead the price towards the $3,000 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,100
Major Resistance Level – $3,275
Ethereum is holding beneficial properties above the $3,200 resistance zone towards the US Greenback. ETH value stays engaging and it’d proceed to rise in the direction of the $3,350 resistance.
- Ethereum is buying and selling properly above the $3,100 and $3,150 assist ranges.
- The worth is now buying and selling above $3,200 and the 100 hourly easy shifting common.
- There’s a key bullish pattern line forming with assist close to $3,110 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
- The pair is consolidating and it’s prone to lengthen beneficial properties above the $3,250 stage.
Ethereum Worth Might Lengthen Features
Ethereum climbed increased steadily above the $3,150 resistance zone. ETH value even broke the $3,200 resistance zone and it settled properly above the 100 hourly easy shifting common.
A brand new multi-week excessive is fashioned close to $3,278 and the worth is now correcting beneficial properties. It declined under the $3,240 assist stage. There was a break under the 23.6% Fib retracement stage of the current wave from the $3,052 swing low to $3,278 excessive.
Nevertheless, ether value remained properly bid above the $3,150 assist. It additionally discovered assist close to the 50% Fib retracement stage of the current wave from the $3,052 swing low to $3,278 excessive.
There’s additionally a key bullish pattern line forming with assist close to $3,110 on the hourly chart of ETH/USD. On the upside, an instantaneous resistance is close to the $3,250 stage. The subsequent key resistance is close to the $3,275 stage.
Supply: ETHUSD on TradingView.com
A transparent break and shut above the $3,250 and $3,275 resistance ranges would possibly spark an upside continuation. The subsequent key resistance may be close to the $3,350 stage, above which the worth would possibly rise in the direction of the $3,500 resistance zone.
Dips Restricted in ETH?
If ethereum fails to proceed increased above the $3,250 and $3,275 resistance ranges, it may begin a draw back correction. A right away assist on the draw back is close to the $3,180 stage.
The primary key assist is close to the $3,165 stage. The principle assist is now forming close to $3,110, the pattern line, and the 100 hourly SMA. A draw back break under the pattern line assist would possibly push the worth in the direction of the $3,060 assist. Any extra losses could lead on the worth in the direction of the $3,000 assist zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to maneuver into the bullish zone.
Hourly RSI – The RSI for ETH/USD remains to be above the 50 stage.
Main Help Degree – $3,100
Main Resistance Degree – $3,275
