Ethereum

Ethereum Price Aims for Upside Breakout: Indicators Turn Green

Published

5 months ago

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Ethereum price is trading above the $3,080 resistance zone. ETH could gain bullish momentum if it closes above the $3,150 resistance.

  • Ethereum is slowly moving above the $3,050 level.
  • Price is trading above $3,050 and the 100 hourly simple moving average.
  • There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it closes above the $3,150 resistance zone.

Ethereum Price Could Extend Gains Above $3,150

Ethereum price extended its recovery wave above the Resistance zone at $3,000. ETH even broke above the $3,050 resistance. There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD.

The pair even broke above the $3,110 resistance, outperforming Bitcoin. It tested the $3,150 resistance zone. A high was formed at $3,149 and the price is now consolidating gains. There was a slight decline below $3,120. The price tested the 23.6% Fibonacci retracement level of the upward move from the $2,895 swing low to $3,149 high.

Ethereum is now trading above $3,050 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $3,120 level.

Source: ETHUSD on TradingView.com

The first major resistance lies near the $3,150 level. The next major hurdle lies near the $3,220 level. A close above the $3,220 level could send Ether towards the $3,320 resistance. The next key resistance lies near $3,400. An upside break above the $3,400 resistance could send the price higher towards the $3,500 resistance zone in the coming days.

Another ETH decline?

If Ethereum fails to break the $3,150 resistance, it could start a fresh decline. The initial support on the downside is near $3,080. The first major support is near the $3,020 area and the 50% Fibonacci retracement level of the upward move from the $2,895 low to $3,149 high.

A clear move below the $3,020 support could push the price towards $2,955. Any further losses could send the price towards the $2,880 support level in the near term.

Technical indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,020

Major Resistance Level – $3,150

Source

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