Ethereum’s bullish trend remains intact as it continues to hold above the $3,120 resistance area. If it manages to surpass the critical resistance level of $3,280, the cryptocurrency could experience further upward movement. As of now, Ethereum is trading at $3,262.
Ethereum’s recent progress has seen it break above the $3,220 resistance zone and trade above $3,165 and the 100-hour Simple Moving Average. On the four-hour chart of ETH/USD, there is a noticeable upward trend line forming at the $3,170 support level, suggesting the potential for continued upward movement if the $3,280 resistance zone is breached.
The price of Ethereum remains in a positive zone above $3,000, surpassing the $3,150 and $3,165 resistance levels. It has even managed to surpass the $3,250 resistance. Recently, Ethereum reached a new weekly high of $3,263 before undergoing a brief correction. However, strong buying support above the $3,200 level prevented any significant decline. Currently, Ethereum is trading above $3,200, and the upward trend line at the $3,170 support level could influence the price direction.
In the short term, Ethereum faces resistance at around $3,270, with a larger resistance at $3,300. If Ethereum can move towards the $3,350 level, it could pave the way for higher targets. A close above the $3,550 resistance could indicate the possibility of even higher gains, potentially testing the $3,750 resistance. In the coming days, Ethereum could see further upward movement towards the $3,880 resistance area.
The $3,280 resistance holds significant importance for Ethereum. Its failure to break above this level could signal a downward correction. If the price moves downwards, the first support level it may encounter is around $3,200. However, in the case of a more severe decline, the $3,180 area and the nearby trend line could offer strong support. The main support level is at $3,120, and a sharp drop below this level could increase selling pressure, potentially pushing Ethereum towards $3,030. Further losses could bring the price down to $2,850 in the near term.
Looking at the technical indicators, the four-hour MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the four-hour RSI for ETH/USD is above the 50 level, providing a positive outlook for the price.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
