Ethereum Price Rises Amid Challenges: Will ETH Break Above $3,200?
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Ethereum price extended its increase above the $3,120 resistance zone. ETH could soon aim for a move above the $3,200 resistance.
■ Ethereum is slowly moving higher above the $3,080 level.
■ The price is trading above $3,080 and the 100-hourly Simple Moving Average.
■ There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
■ The pair could rise steadily if there is a close above the $3,200 resistance zone.
Ethereum Price Outperforms Bitcoin
Ethereum price extended its recovery wave above the $3,050 resistance zone. ETH even climbed above the $3,150 resistance. Finally, there was a spike above the $3,200 resistance, outperforming Bitcoin.
It tested the $3,220 resistance zone. A high was formed at $3,213 and the price is now correcting gains. There was a minor decline below $3,150. The price tested the 50% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
Ethereum is now trading above $3,080 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $3,140 level. The first major resistance is near the $3,200 level. The next major hurdle is near the $3,220 level. A close above the $3,220 level might send Ether toward the $3,320 resistance.
The next key resistance is near $3,440. An upside break above the $3,440 resistance might send the price higher toward the $3,550 resistance zone in the coming days.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,140 resistance, it could start another decline. Initial support on the downside is near $3,070 and the trend line. The first major support sits near the $3,000 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
A clear move below the $3,000 support might push the price toward $2,970. Any more losses might send the price toward the $2,895 support level in the near term. The next key support sits at $2,820.
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 below the 50 zone.
Major Support Level – $3,070
Major Resistance Level – $3,200
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