Ethereum price started a steady upward move above $3,050. ETH is now consolidating gains and might aim for more gains above $3,200.
Ethereum started a fresh increase above $3,000 and $3,050. The price is trading above $3,100 and the 100-hourly Simple Moving Average. There is a short-term bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it clears the $3,200 zone. Ethereum Price Eyes More GainsThe bulls even pumped the price toward $3,200. A high was formed at $3,218, and the price is now consolidating gains. It declined a few points below the 23.6% Fib retracement level of the recent increase from the $3,116 swing low to the $3,218 high.
If the bulls are able to protect more losses below $3,120, the price could attempt another increase. Immediate resistance is seen near the $3,200 level. The first key resistance is near the $3,220 level. The next major resistance is near the $3,250 level.
A clear move above the $3,250 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
Another Decline In ETH?If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,165 level or the 50% Fib retracement level of the recent increase from the $3,116 swing low to the $3,218 high.
The first major support sits near the $3,120 zone. A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 region.
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 zone.
Major Support Level – $3,120
Major Resistance Level – $3,220
