Ethereum is holding gains above the $3,000 pivot zone against the US Dollar. ETH price is likely to accelerate higher if there is a clear break above the $3,200 resistance zone.
Ethereum is trading nicely above the $3,000 and $3,050 support levels.
The price is now trading above $3,100 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,060 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to resume its rally once it clears the $3,200 resistance zone.
Ethereum Price Eyes Upside Break
Ethereum corrected lower, but the bulls were active above the $3,000 support zone. It climbed higher above the $3,150 level and it even spiked above the $3,200 barrier.
The price traded as high as $3,233, but there was no close above $3,200. The price is now consolidating gains below the $3,200 level, similar to bitcoin. There was a break below the 23.6% Fib retracement level of the recent upward move from the $2,890 swing low to $3,233 high.
However, ETH is still trading well above the $3,100 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $3,060 on the hourly chart of ETH/USD.
The trend line coincides with the 50% Fib retracement level of the recent upward move from the $2,890 swing low to $3,233 high. On the upside, an immediate resistance is near the $3,200 level. The next key resistance is near the $3,230 level.
Source: ETHUSD on TradingView.com
A clear break and close above the $3,200 and $3,230 resistance levels might start another increase. In the stated case, the price could test $3,350. The next key resistance might be near the $3,500 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,200 and $3,230 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,120 level.
The next major support is near the $3,100 level. The main support is now forming near $3,060 and the 100 hourly SMA. Any more losses could lead the price towards the $3,000 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,060
Major Resistance Level – $3,200
I’m a highly experienced and successful crypto author with over 10 years of experience in the industry. I have written for some of the biggest names in the space, and my work has been featured in major publications such as Bloomberg, Forbes, and The Wall Street Journal. I am a sought-after speaker and commentator on all things crypto, and my work is widely respected by my peers. If you’re looking for someone who can provide insights and analysis on the latest developments in the world of cryptocurrencies, you can contact me.
11 thoughts on “Why Ethereum (ETH) Could Accelerate Above $3,200, Dips Remain Attractive”
Comments are closed.