Ethereum Price Climbs to $3,200, Bulls Aim for Higher Gains

Ethereum price has initiated a solid upward trend, surpassing the $3,050 mark. With ETH now consolidating its gains, it may target even higher levels above $3,200.

Key Takeaways

Ethereum has started a new upward trend above crucial levels like $3,000 and $3,050.
The current trading price exceeds $3,100 and is above the 100-hourly Simple Moving Average.
There is a developing bullish trend line showing support at $3,120 on the ETH/USD hourly chart.
If Ethereum can break above $3,200, it may extend its gains further.

Ethereum Price Rallies to $3,200

Ethereum Price Looks for Further Gains

Ethereum's price has begun a new rise, similarly to Bitcoin, after stabilizing above the $3,000 level. The ETH price gained momentum, moving past resistance points at $3,050 and $3,120. The bullish pressure even pushed the price towards $3,200, where it peaked at $3,218. Currently, the price is consolidating these gains and has slightly dipped below the 23.6% Fibonacci retracement level from the recent swing low of $3,116 to the high of $3,218.

Ethereum is now trading over $3,100 and maintaining position above the 100-hourly Simple Moving Average. Additionally, a short-term bullish trend line has formed with support at $3,120 on the ETH/USD hourly chart. If the bulls can sustain prices above $3,120, another upward movement is possible. The next immediate resistance is located around the $3,200 mark, with key resistance levels at $3,220 and $3,250.

Ethereum Price Chart
Source: ETHUSD on TradingView.com

If Ethereum succeeds in breaking above the $3,250 resistance level, the price could reach towards $3,350. A successful breakout above $3,350 might present additional bullish opportunities in the forthcoming days, possibly pushing Ether closer to the $3,450 resistance zone or even $3,500 soon.

Potential Decline in Ethereum Price?

Should Ethereum fail to overcome the $3,220 resistance line, a new decline may begin. Initial support on the downside is identified around the $3,165 level, aligning with the 50% Fibonacci retracement from the recent swing low of $3,116 to the high of $3,218.

The primary major support is located around the $3,120 area. A move below this level could lead to a drop toward the $3,050 support, with further declines potentially bringing the price down to the $3,000 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is currently gaining momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD is positioned above the 50 mark.
Major Support Level: $3,120
Major Resistance Level: $3,220