Cryptocurrency market closely monitors the movement of Ethereum. The price of Ethereum has initiated a strong recovery wave above the $3,000 level, providing hope for investors. However, the duration of this upward trend and the levels it can reach are still a matter of curiosity.
Ethereum Surpasses $3,100
According to recent data, Ethereum found support at the $2,820 level and experienced a strong recovery from there. Currently, the price is trading above $3,100 and is also above the 100-hour Simple Moving Average, indicating that bulls have taken control of the market.
Looking at the four-hour chart, there is a significant uptrend line identified at the $3,110 level. This indicates that Ethereum is in an upward trend and may gain potential momentum. However, there are a few resistance levels to watch out for at this point.
Critical Resistance Ahead for ETH
In particular, the $3,165 resistance zone stands as a critical barrier for Ethereum. The current proximity of the price to this level indicates that bears are still active in the market. However, if the bulls continue to show strength and manage to surpass this resistance zone, they may gain momentum.
The first major resistance level is around $3,200, and surpassing this level would be a significant achievement for the bulls. Next, the $3,250 level emerges as the next critical resistance, and surpassing this level could drive the price even higher.
Will the Next Destination for ETH Be a Drop?
Failure to surpass the critical resistance could result in price declines for Ethereum. Currently, the first support level is around $3,100 and near the trendline. However, in a more significant downward scenario, attention should be paid to the $3,000 level and the main support level at $2,940. A clear break below this level could push the price towards $2,820 and further losses may bring the price down to $2,650 in the short term.
Looking at technical indicators, the four-hour MACD for ETH/USD is losing momentum in the bullish zone, and the four-hour RSI is currently above the 50 level. These indicators highlight market uncertainty and indicate recent fluctuations.
In the short term, there is uncertainty in the Ethereum market. Surpassing the $3,165 resistance level or breaking the $2,940 main support level will be crucial factors in determining the direction of ETH in the coming days. The key support for ETH is at $3,000, while the key resistance is at $3,165.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
