Ethereum Price Maintains Strength at $3,250: Upside Ahead?
Ethereum price remains supported above the $3,220 area. ETH is consolidating and may target a break above the $3,400 resistance.
- Ethereum started a fresh rise from the $3,250 support area.
- The price is trading above $3,350 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data via Kraken).
- The pair may gain bullish momentum if it breaks the $3,400 resistance zone.
Ethereum price remains stable and looks for more upside
Ethereum price holds support above $3,200 and begins a new round of gains, while Bitcoin Correction gain. ETH has stabilized above $3,250 and is currently rising.
There was a break above the $3,300 and $3,350 resistance levels. The price exceeded the 23.6% Fib retracement level of the swing high of $3,545 to low of $3,254. There was also a break above the bearish trend line connecting resistance at $3,320 on the hourly chart of ETH/USD.
Ethereum price is currently trading above $3,350 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,400 level. It is near the 50% Fib retracement level of the downward move from the swing high of $3,545 to low of $3,254.
The first major resistance level is near $3,450. Major resistance is currently forming near $3,500. A clear break above the $3,500 resistance may push the price towards the $3,550 resistance. An upside break above the $3,550 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,680 resistance zone or even $3,750.
Is ETH’s downside limited?
If Ethereum fails to break the $3,400 resistance, it may start another decline. Initial support on the downside is near $3,300. The first major support is located near the $3,250 area.
A clear break below the $3,250 support could push the price towards $3,150. Any further losses could push the price towards the $3,050 support in the near term. The next key support is located at $3,000.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,250
Major Resistance – $3,400
