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Ethereum ETH Price an Upward Break: Bullish Signals Emerge
Ethereum’s price is showing signs of a promising recovery, eyeing an upward break if it can surpass the $3,110 resistance level convincingly.
- Ethereum has been inching higher, now positioned above the critical $3,000 mark.
- It is trading above both $3,000 and the 100-hourly Simple Moving Average.
- A potential bullish flag or a short-term declining channel is forming, with resistance around $3,080 on the hourly ETH/USD chart (data sourced from Kraken).
- A decisive close above the $3,110 resistance could catalyze significant bullish momentum.
Ethereum Gears Up for Steady Climb
After holding strong above the $2,880 support, Ethereum has begun a gradual ascent, surpassing the $2,950 resistance and paralleling Bitcoin’s recent movements. It breached the $3,050 resistance before encountering resistance from sellers.
The price briefly touched the $3,120 zone, peaking at $3,110, and is currently consolidating those gains. It experienced a slight pullback below $3,080 and dipped beneath the 23.6% Fib retracement level from the recent rise from $2,895 to $3,110.
Currently, Ethereum maintains its stance above the $3,000 mark and the 100-hourly Simple Moving Average. Resistance is met near $3,080, marked by a short-term declining channel or bullish flag on the hourly ETH/USD chart.
The primary resistance lies near $3,110, followed by a significant barrier at $3,150. Surpassing this could propel Ethereum toward the $3,220 mark, with further gains potentially reaching the $3,320 and $3,500 resistance zones.
Potential Risks for Ethereum
Should Ethereum struggle to breach the $3,110 resistance, it might face a downward correction. Immediate support is found near $3,020. The critical support zone is around $2,975, aligned with the 61.8% Fib retracement level of the recent upward trajectory from $2,895 to $3,110.
A sustained move below $2,975 could lead the price toward the $2,920 mark, and further losses could potentially push it down to $2,820 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing a reduction in bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, indicating a neutral to slightly bullish outlook.
Key Levels to Watch
Major Support Level: $2,975
Major Resistance Level: $3,110
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