Ethereum Price Pullbacks Fail to Deter Buyers, Momentum Reveals a Positive Trend

Ethereum has initiated a consistent upward movement, surpassing the $3,120 mark. Currently, ETH is holding its gains and may be targeting further advances beyond $3,250.

Key Takeaways

Ethereum has started a significant rise, breaking through the $3,050 and $3,150 resistance levels.
The price is above $3,200 and is supported by the 100-hourly Simple Moving Average.
A short-term bullish trend line shows support at $3,185 on the ETH/USD hourly chart.
If Ethereum exceeds the $3,250 threshold, it could continue its upward trajectory.

Ethereum Price Pullbacks Fail to Scare Buyers

Ethereum Price Analysis: Steady Support

Ethereum's price has launched into a fresh upward trend since breaking past the $3,050 level, similar to Bitcoin's movements. The price escalated past the $3,120 and $3,150 resistance points, reaching as high as $3,220. A peak was recorded at $3,264, and now the market is in a phase of consolidation. Currently, Ethereum is trading just below the 23.6% Fibonacci retracement level, following the rise from the swing low of $3,134 to the high of $3,264.

ETH is comfortably trading above the $3,200 mark along with the 100-hour Simple Moving Average. Furthermore, a short-term bullish trend line is forming with a support level identified at $3,185 on the hourly chart for ETH/USD. Should the bullish momentum hold above the $3,150 mark, Ethereum may attempt another climb.

Immediate resistance is located near $3,240, with the first key threshold at $3,250. The subsequent significant resistance is positioned around the $3,265 mark.

Ethereum Price
Source: ETHUSD on TradingView.com

A decisive move above the $3,265 resistance may propel the price towards the next resistance level of $3,350. Should prices break through the $3,350 area, it could open the door for further gains, possibly pushing Ethereum towards resistance zones of $3,450 or even $3,500 in the near future.

Potential Downsides for Ethereum

If Ethereum struggles to breach the $3,250 resistance, a potential decline could follow. Initial support on the downside can be found near the $3,200 level, coinciding with the 50% Fibonacci retracement level from the recent increase (from the swing low of $3,134 to the high of $3,264).

The first major support area is near the $3,185 level, which is aligned with the trend line. If Ethereum moves below this support, it may decline towards the $3,120 mark. Further losses could lead to a drop towards the $3,050 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is currently losing momentum but remains in bullish territory.
Hourly RSI: The RSI for ETH/USD is positioned above the 50 level.
Major Support Level: $3,185
Major Resistance Level: $3,250