Ethereum Price Readies for a Fresh Climb: Will Momentum Build?
Ethereum price started a consolidation phase near the $3,000 area. ETH is slowly moving higher and could be targeting another break above $3,220.
- Ethereum is consolidating and facing hurdles near $3,220.
- The price is trading above $3,150 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD (data via Kraken).
- If the $3,220 resistance zone is exceeded, the pair may start a new leg higher.
Ethereum Price Faces Hurdles
Ethereum price remains supported above $3,000 Bitcoin. ETH formed a bottom and recently broke above the $3,120 and $3,150 resistance levels.
There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even broke above $3,200 and tested $3,220. Prior to this, a high was formed at $3,224. pull back. The price fell below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to $3,224 high.
Ethereum price is currently trading above $3,150 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,200 level.
The first major resistance level is near $3,220. Major resistance is currently forming near $3,250. A clear break above the $3,250 resistance may push the price towards the $3,320 resistance. An upside break above the $3,320 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,450 resistance zone.
ETH falling again?
If Ethereum fails to break the $3,220 resistance, it may start another decline. Initial support on the downside is near $3,140, ​​the 50% Fibonacci retracement level of the upward move from the $3,051 swing low to $3,224 high. The first major support is located near the $3,050 area.
A clear break below the $3,050 support could push the price towards $3,000. If there is further decline, the price may move towards the $2,940 support in the near term. The next key support is located at $2,880.
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 – $3,140
Major Resistance – $3,220
