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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Price Gains Traction: Can It Sustain the Climb?

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Ethereum price started a fresh increase above $3,220. ETH is now consolidating and might eye more gains above the $3,270 resistance zone.

  • Ethereum started a fresh increase above the $3,120 zone.
  • The price is trading above $3,200 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $3,200 level.

Ethereum Price Recovers

Ethereum price started a decent increase from the $3,020 zone, like Bitcoin. ETH was able to surpass the $3,120 and $3,150 resistance levels to move into a positive zone.

There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low.

However, the bears are now active near the $3,270 and $3,280 resistance levels. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,270 level and the 61.8% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low. The first major resistance is near the $3,330 level. The main resistance is now forming near $3,360. A clear move above the $3,360 resistance might send the price toward the $3,450 resistance.

Ethereum Price

An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $3,270 resistance, it could start another decline. Initial support on the downside is near the $3,220 level. The first major support sits near the $3,200.

A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,200

Major Resistance Level – $3,270

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