Ethereum Price Approaching Key Resistance Zone at $3,280

Ethereum Price Surges Towards $3,280 Resistance Zone

The price of Ethereum (ETH) is on the rise, with the cryptocurrency moving higher above the $3,120 resistance zone. ETH is now approaching the key $3,280 resistance level, which could potentially kickstart a fresh rally for the popular digital asset.

After forming a base above the $2,850 level, Ethereum began a recovery wave similar to Bitcoin. The price of ETH has cleared several important hurdles, including breaking above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD.

Currently, Ethereum is trading above $3,100 and the 100-hourly Simple Moving Average, indicating a positive trend for the cryptocurrency. The next major resistance level for ETH is near $3,250, with the potential for further gains if this level is surpassed.

If Ethereum manages to close above the $3,280 resistance zone, it could gain bullish momentum and potentially rally towards the $3,350 and $3,420 levels. Further gains could see ETH reaching the $3,550 and $3,880 resistance zones in the coming days.

However, if Ethereum fails to clear the $3,250 resistance level, it could face another decline. Initial support is seen near $3,150, followed by the $3,120 zone and the 100-hourly Simple Moving Average. A break below these levels could lead to further losses towards $3,020 and $2,965.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is above the 50 level, indicating a positive outlook for Ethereum’s price movement.

Overall, Ethereum’s price surge towards the $3,280 resistance zone has sparked optimism among investors, with the potential for a fresh rally on the horizon if key resistance levels are breached.