Ethereum

Ethereum Price Hints at Potential New Rally, Buy the Dip?

Published

6 months ago

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Ethereum price breaks above the $3,120 resistance zone. ETH could begin a new rally if it breaks the $3,280 resistance zone.

  • Ethereum recovers higher and approaches the $3,280 resistance zone.
  • The price is trading above $3,100 and the 100 hourly simple moving average.
  • There was a break above two connecting downtrend lines with resistance at $3,070 and $3,150 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could gain bullish momentum if it closes above the $3,250 area.

Ethereum price regains strength

Ethereum price formed a base above the $2,850 level and triggered a recovery wave, as Bitcoin. ETH cleared a few key hurdles near $3,000 to enter a positive zone.

There was a breakout above two connecting downtrend lines with resistance at $3,070 and $3,150 on the ETH/USD hourly chart. The pair surpassed the 50% Fib retracement level of the downward move from the $3,278 high to $2,867 low.

Ethereum is now trading above $3,120 and the 100-hour simple moving average. It is also consolidating above the 76.4% Fibonacci retracement level of the downward move from the $3,278 high to $2,867 low. Immediate resistance is near the $3,200 level.

The first major resistance is near the $3,250 level. The next key resistance lies at $3,280, above which the price could gain ground and reach the $3,350 level.

Source: ETHUSD on TradingView.com

A close above the $3,350 resistance could send the price towards the $3,420 pivot level. If there is a move above the $3,420 resistance, Ethereum could even climb towards the $3,550 resistance. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.

Another drop in ETH?

If Ethereum fails to clear the $3,250 resistance, it could begin a further decline. Initial downside support is near the $3,150 level. The first major support lies near the $3,120 area and the 100 hourly simple moving average.

A sharp move below the $3,120 support could increase selling pressure and push the price towards $3,020. Any further losses could push the price towards the $2,965 level in the near term.

Technical indicators

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

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

Major Support Level – $3,150

Major Resistance Level – $3,280

Source

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