Ethereum price begins new rise above $3,200. ETH is currently consolidating gains and could aim for further gains above $3,250.
- Ethereum has started a new rally above the $3,050 and $3,120 levels.
- The price is trading above $3,120 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a short-term contract triangle is forming with support at $3,130.
- If the pair sustains a break above the $3,240 zone, the pair is likely to continue moving higher.
Ethereum price is on the rise again
Ethereum price managed to hold above $2,920 and started a new rally as follows. Bitcoin. ETH price regained momentum above the $3,000 and $3,050 resistance levels.
Bulls pushed the price above $3,150. However, the bulls struggled to clear $3,240 and $3,250. A high was formed at $3,239, and the price has recently corrected some gains. There was a spike below the 23.6% Fib retracement level of the recent move from the swing low of $2,718 to the low of $3,239.
Ethereum price is currently trading above $3,120, Simple moving average every 100 hours. On the hourly chart of ETH/USD, a short-term contract triangle has also formed with support at $3,130.
If there is further upside, the price could face resistance near the $3,200 level. The next major resistance level is near the $3,240 level. The first major resistance level is near the $3,250 level. If there is a clear break above the $3,250 resistance, the price could head towards the $3,320 resistance. A break above the $3,320 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,450 resistance zone and even $3,500 in the short term.
ETH downward price correction?
If Ethereum fails to break through the $3,240 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,120 level. The first major support is located near the $3,050 zone.
A clear move below the $3,050 support could push the price towards the $3,000 support. Any further losses could send the price heading towards the $2,980 area and the 50% Fib retracement level of the recent swing low of $2,718 to low of $3,239 in the short term. The next significant support is 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 currently above the 50 zone.
Major Support Level – $3,130
Major Resistance Level – $3,240
