Ethereum Price Gaining Momentum Above $3,120 Resistance Zone
The price of Ethereum is on the rise, with ETH gaining momentum above the $3,120 resistance zone. As the cryptocurrency market continues to recover, Ethereum has extended its increase above the $3,150 level and is currently trading above the 100-hourly Simple Moving Average.
A connecting bullish trend line is forming with support at $3,160 on the hourly chart of ETH/USD, indicating a positive trend for Ethereum. The price recently reached a new weekly high at $3,234 before consolidating gains. Despite a minor decline below the $3,200 level, Ethereum remains in a positive zone.
Immediate resistance levels for Ethereum are at $3,210 and $3,235, with the potential for further gains towards $3,280 and beyond. A close above the $3,350 resistance could propel Ethereum towards $3,500 and even $3,550 in the near future.
However, if Ethereum fails to clear the $3,235 resistance, a downside correction could occur. Initial support levels are at $3,175 and $3,160, with the main support at $3,150 and the 100-hourly Simple Moving Average. A break below $3,150 could lead to further losses towards $3,030 and potentially $2,850.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now below the 50 level. Traders and investors will be closely watching these levels to gauge the future direction of Ethereum’s price.
Overall, Ethereum’s price is showing signs of strength and resilience, with the potential for further gains if key resistance levels are broken. As the cryptocurrency market continues to recover, Ethereum could be one to watch for potential opportunities in the coming days.
