Ethereum Looks Ready for Another Leg Above $3,200


Ethereum gained bullish momentum and cleared the USD 3,100 resistance against the US dollar. ETH price could accelerate further if the $3,200 resistance is lifted.

Ethereum started a big rally and even broke above the $3,000 level. The price is now trading above $3,100 and the 100 hourly simple moving average. There was a break above a pair of short term bearish trendlines at $3,000 and $3,080 on the ETH/USD hourly chart (data feed via Kraken). The pair now faces a hurdle near $3,200, above which it could accelerate further.

Ethereum price eyes more profit

Ethereum gained pace and was able to settle above the key $3,000 resistance zone. ETH remained in positive zone above the USD 3,050 level and the 100 hourly simple moving average.

During the rise, there was a break above a pair of short term bearish trendlines at USD 3,000 and USD 3,080 on the ETH/USD hourly chart. The pair even broke the USD 3,120 resistance level and traded towards a new annual high at USD 3,190.

Ether price is now consolidating gains below the USD 3,190 level. There was a small drop below the 23.6% Fib retracement level from the recent rally from the $2,950 swing low to $3,190 high.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the USD 3160 level and a connecting bearish trendline on the same chart. A clear move above the USD 3160 resistance could spark another rise. The next big hurdle is near the $3,200 level. A decent break above the $3,200 level could initiate a move towards the $3,350 and $3,380 levels in the near term.

Dips limited in ETH?

If ethereum fails to continue above USD 3,160 or USD 3,180, it could trigger a downside correction. An initial support on the downside is near the $3,115 level. The first major support is near the $3,080 level.

It is near the 50% Fib retracement level from the recent rally from the $2,950 swing low to $3,190 high. A downward breach below the $3,080 level could push the price further. The next major support is near the $3,000 level and the 100-hour SMA, below which there is a risk of a major downside correction.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $3,080

Major Resistance Level – $3,200

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