Ethereum is surpassing Bitcoin as its price surpasses the $3,000 threshold. ETH is displaying bullish indicators and could potentially breach the $3,200 resistance level.
A new upward momentum initiated for Ethereum, surpassing the critical $3,000 resistance zone.
The current price is above $3,050 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a significant bullish trend line is taking shape with support around $3,080.
In the short term, there’s potential for the pair to continue its upward trajectory, aiming for levels like $3,200 or even $3,250.
Ethereum’s value surpasses that of Bitcoin.
The Ethereum price demonstrated stability above the $2,880 support zone, establishing a foundation for a fresh upward movement beyond the $3,000 resistance. This resulted in a nearly 5% gain, outperforming Bitcoin.
The recent surge led to a multi-week high around $3,121, and the current phase involves consolidating these gains. The price is holding above the 23.6% Fibonacci retracement level of the upward swing from the $2,907 low to the $3,121 high. Additionally, a crucial bullish trend line is taking shape, providing support at $3,080 on the hourly ETH/USD chart.
Ethereum is presently trading above $3,085 and the 100-hourly Simple Moving Average. The immediate upside resistance is around the $3,120 level, followed by a more significant barrier near $3,150.
The upcoming substantial hurdle lies around $3,200, and surpassing this level could trigger a bullish upswing in price. A breakthrough above the $3,200 resistance might propel Ether towards the $3,280 resistance. Further advancements could potentially prompt a test of $3,320.
Is there support for declines in ETH?
Should Ethereum encounter difficulty surpassing the $3,120 resistance, it may initiate a corrective move to the downside. Initial support in this scenario resides around the $3,080 level and the established trend line.
The primary support level is positioned near the $3,000 zone, closely aligned with the 50% Fibonacci retracement level of the upward movement from the $2,907 low to the $3,121 high. A breach below this level could prompt a test of the 100-hourly Simple Moving Average, with the subsequent crucial support potentially found at the $2,960 zone. A clear breakdown below $2,960 might lead to a price decline towards $2,920, and any further losses could extend the descent to the $2,860 level.
Technical indicators indicate a waning bullish momentum in the hourly MACD for ETH/USD, while the hourly RSI remains above the 50 level.
Key Levels:
- Major Support: $3,000
- Major Resistance: $3,120