Ethereum price started another rise above $3.200. ETH is now consolidating its gains and could target gains above $3,250.
- Ethereum began a further increase above the $3,050 and $3,120 levels.
- The price is trading above $3,120 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with support at $3,130 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,240 zone.
Ethereum Price Eyes Another Upside Breakout
Ethereum price managed to stay above $2,920 and started a new rise, like Bitcoin. ETH price strengthened to break above the $3,000 and $3,050 resistance levels.
The bulls even pushed the price above $3,150. However, the bulls struggled to clear $3,240 and $3,250. A high was reached at $3,239 and the price has recently corrected some gains. There was a spike below the 23.6% Fibonacci retracement level during the recent move from the $2,718 low to $3,239 low.
Ethereum price is now trading above $3,120 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $3,130 on the ETH/USD hourly chart.
If there is another upward move, the price could face resistance near the $3,200 level. The next key resistance is near the $3,240 level. The first major resistance is near the $3,250 level. A sharp move above the $3,250 resistance could send the price towards the $3,320 resistance. A bullish break above the $3,320 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $3,450 or even $3,500 in the short term.
Downward correction in ETH?
If Ethereum fails to clear the $3,240 resistance, it could begin a further decline. Initial downside support is near the $3,120 level. The first major support lies near the $3,050 area.
A sharp move below the $3,050 support could push the price towards the $3,000 support. Any further losses could send the price towards the $2,980 region and the 50% Fibonacci retracement level of the recent move from the $2,718 low to $3,239 low in the near term. The next key support lies at $2,850 and $2,840.
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 – $3,130
Major Resistance Level – $3,240
