Ethereum Price Moves Towards Key Breakout Levels, Bulls See Opportunity

Ethereum's price recently struggled to break through the $3,160 resistance, resulting in a price dip. Currently, ETH is consolidating and may attempt to cross the $3,200 threshold once more.

Key Takeaways

Ethereum encountered resistance near $3,150, leading to a price correction.
The price is currently below $3,120 and under the 100-hourly Simple Moving Average.
A crucial bullish trend line is forming at $3,085, acting as support in the hourly ETH/USD chart.
If ETH remains above the $3,080 level, it could experience a price increase.

Ethereum Price Pushes Toward Breakout Levels

Ethereum Price Begins Consolidation

Ethereum's price could not break beyond the $3,150 mark, mirroring Bitcoin's performance. It has seen a decline below the $3,120 level, shifting into a short-term bearish phase. The most recent significant swing low was recorded at $3,050 before Ethereum entered a consolidation stage. After a brief rise past $3,130, the price encountered resistance at the 23.6% Fibonacci retracement level, stemming from the decline between the $3,308 swing high and the $3,050 low.

However, selling pressure persists near the $3,150 and $3,180 levels. Currently, Ether is trading under the $3,120 threshold and the 100-hourly Simple Moving Average. Moreover, a key bullish trend line is forming with support positioned at $3,085 on the ETH/USD hourly chart.

If bulls can defend the $3,080 mark, there may be another attempt to rally. Immediate resistance appears at the $3,120 level, with a critical resistance point at around $3,180, coinciding with the 50% Fibonacci retracement level of the recent decline from the $3,308 swing high to the $3,050 low.

Ethereum Price Source: ETHUSD on TradingView.com

The next significant resistance is located near $3,200. A decisive move beyond this threshold could propel the price towards the $3,265 resistance, with further gains likely if Ether surpasses this area. In that scenario, Ether could reach the $3,320 resistance zone, or even push towards $3,350 in the near future.

Potential Downside for ETH?

Should Ethereum fail to break the $3,150 resistance, it may initiate a new downward trend. Initial support on the downside resides around the $3,085 level and the bullish trend line. The first major support zone is close to the $3,050 threshold.

A clear decline below the $3,050 support level may lead the price further down towards the $3,000 support area. If losses continue, Ethereum might fall toward the $2,925 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum but remains in a bullish position.
Hourly RSI: The RSI for ETH/USD is currently situated below the 50 level.
Major Support Level: $3,080
Major Resistance Level: $3,150