Ethereum Price Power Play: Can It Smash Through Key Hurdles?
Ethereum price started a slight recovery above the $3,120 area. ETH is rising and facing hurdles near the $3,240 area.
- Ethereum started a minor recovery above the $3,120 area.
- The price is trading above $3,200 and the 100 hourly simple moving average.
- A short-term contracting triangle has formed with resistance at $3,240 on the hourly chart of ETH/USD (data via Kraken).
- The pair may struggle to start a fresh rise above the $3,240 resistance.
Ethereum price target higher
Ethereum price begins recovery wave above $3,050 Bitcoin. ETH was able to clear the $3,080 and $3,120 resistance levels and enter short-term positive territory.
The price even cleared the 50% Fib retracement level of the downward move from the $3,334 swing high to $2,920 low. However, bears are active near the $3,220 and $3,240 levels. A short-term contracting triangle has also formed on the hourly chart of ETH/USD with resistance at $3,240.
Ethereum price is currently just above $3,200, 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,230 level. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $3,334 to low of $2,920. The first major resistance level is near $3,240.
Major resistance is now forming near $3,330. A clear break above the $3,330 resistance may push the price towards the $3,450 resistance. An upside break above the $3,450 resistance could bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,500 resistance zone or even $3,550 in the short term.
ETH falling again?
If Ethereum fails to break above the $3,240 resistance, it may start another decline. Initial support on the downside is near $3,180. The first major support is near $3,120.
A clear break below the $3,120 support could push the price towards the $3,050 support. If there is further decline, the price may move towards the $3,020 support in the near term. The next key support is located at $2,920.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,120
Major Resistance – $3,240
