Ethereum Price Analysis: Can ETH Break Above $3,125 Resistance?
The price of Ethereum, the digital cryptocurrency known as ETH, is currently attempting to surge above the significant $3,125 mark, laying the foundation for a recovery wave. To escalate further in the near future, it’s essential that the $3,200 resistance is overcome.
The cryptocurrency Ethereum witnessed extended losses recently, sinking as far as the $3,075 support territory. Traders are seeing the value fluctuate below $3,180, notably below the 100-hourly Simple Moving Average, a key indicator in trading.
Market analysis reveals a crucial ascending channel, with a bottom border at $3,140, progressively forming on the hourly chart of ETH/US dollar tracked on data feed from the Kraken cryptocurrency exchange. If ETH value slips below the $3,125 support, it may continue its downward trajectory.
Ethereum has had its battles recently. It energetically endeavored to rally but found itself dipping below the $3,100 benchmark. In similarity to Bitcoin, Ethereum reached a low point of $3,074 and is presently straining against the tides in an attempt to rise once more.
Ethereum managed a minor surge above the $3,125 impediment. The price ascended beyond the 23.6% Fibonacci retracement level, computed from the recent plunge from a high of $3,292 to the low of $3,074. However, the bears currently hold dominion near the $3,200 resistance zone.
The cryptocurrency is hovering beneath $3,180 and its 100-hourly Simple Moving Average. Despite this, an important ascending channel, with support at $3,140, is taking shape. The immediate resistance is close by, at the $3,180 level and the 100-hourly Simple Moving Average.
A significant hindrance stands near the $3,200 level, which happens to be the 61.8% Fibonacci retracement level of the recent tumble from $3,292 to $3,074.
There is a subsequent, crucial resistance at the $3,240 level. If this is surpassed, Ethereum’s price might start to gather steam and escalate to the $3,280 level. A closure above the $3,280 could propel the price towards the $3,350 resistance. If the price can ascend above the $3,350 resistance, Ethereum might even tiptoe to test the $3,500 mark. Progress beyond this point might thrust the Ether towards the $3,550 resistance zone.
However, if Ethereum is unable to breach the $3,180 resistance, it may well continue to slide. The first marker of support in the descent is around the $3,125 level, followed by the next significant support near the $3,075 zone.
The critical support is close to the $3,030 level. A distinct slide below the $3,030 support might flag off further losses, sending the price barreling towards $2,880. A continuation of the descent could potentially see the price hurtling towards the $2,750 level in the short term.
Technical analyses indicate the Moving Average Convergence Divergence (MACD) for ETH/USD is losing steam in the bearish territory. Meanwhile, the Relative Strength Index (RSI) for ETH/USD is currently below the neutral 50 level.
The major support and resistance levels to keep an eye on are $3,125 and $3,200 respectively.
