Ethereum’s upward trend remains intact as it maintains its gains above the $3,120 resistance area. The cryptocurrency could experience further growth if it manages to surpass the critical resistance level of $3,280. As of now, Ethereum is trading at $3,262.
New Targets for Ethereum
Recent updates reveal that Ethereum has successfully surpassed the $3,220 resistance zone and is currently trading above $3,165 and the 100-hour Simple Moving Average. On the four-hour chart for ETH/USD, there is a noticeable upward trend line forming at the $3,170 support level, indicating the potential for continued upward movement if Ethereum breaks the $3,280 resistance zone.
ETH’s Rise is Expected to Continue
According to the latest data, Ethereum reached a new weekly high of $3,263 before undergoing a brief correction. However, bulls actively provided support above the $3,200 level, and Ethereum is currently trading above $3,200. The significant upward trend line formed at the $3,170 support level could also influence the price direction.
In the short term, the nearby resistance for Ethereum is around $3,270, with a larger resistance near $3,300. If Ethereum manages to move towards the $3,350 level, it could pave the way for higher targets. Furthermore, a close above the $3,550 resistance could indicate the potential for Ethereum to move even higher, possibly testing the $3,750 resistance. In the coming days, Ethereum could see further gains towards the $3,880 resistance area.
Importance of the $3,280 Resistance
The fact that Ethereum has not been able to surpass the $3,280 resistance recently could be a signal for a downward correction. If the price does move downward, the first support level it might encounter is around $3,200. However, in the case of a more significant decline, the $3,180 area and the nearby trend line could provide significant support.
The main support level to watch is at $3,120. A sharp drop below this level could increase selling pressure and push Ethereum towards $3,030. Further losses could potentially bring the price down to $2,850 in the near term.
Analyzing the technical indicators, the four-hour MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the four-hour RSI for ETH/USD is above the 50 level, which suggests a positive outlook for the price.
Disclaimer: This article does not provide investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.
