Ethereum Price Power Play: Can It Smash Through Key Hurdles?

Ethereum price started a minor recovery wave above the $3,120 zone. ETH is rising and facing hurdles near the $3,240 zone.

• Ethereum started a minor recovery wave above the $3,120 zone.

• The price is trading above $3,200 and the 100-hourly Simple Moving Average.

• There is a short-term contracting triangle forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair could struggle to start a fresh increase above the $3,240 resistance level.

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Ethereum Price Aims Higher

Ethereum price started a recovery wave above the $3,050 level like Bitcoin. ETH was able to clear the $3,080 and $3,120 resistance levels to move into a short-term positive zone.

The price even cleared the 50% Fib retracement level of the downward move from the $3,334 swing high to the $2,920 low. However, the bears are active near the $3,220 and $3,240 levels. There is also a short-term contracting triangle forming with resistance at $3,240 on the hourly chart of ETH/USD.

Ethereum price is now trading just above $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level. It is near the 76.4% Fib retracement level of the downward move from the $3,334 swing high to the $2,920 low. The first major resistance is near the $3,240 level.

The main resistance is now forming near $3,330. A clear move above the $3,330 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,240 resistance, it could start another decline. Initial support on the downside is near the $3,180 level. The first major support sits near the $3,120.

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 $3,020 support level in the near term. The next key support sits at $2,920.

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 – $3,120

Major Resistance Level – $3,240