Ethereum Price Surges by 8%, Prompting Bears to Reevaluate

Ethereum has entered a significant upward trend, breaking past the $3,160 resistance mark. Currently, ETH is consolidating gains and may pull back towards the $3,250 range.

Key Takeaways

Ethereum has rebounded after a recent downturn, climbing back above $3,160.
The price remains supported above $3,300 and the 100-hourly Simple Moving Average.
A breach of a significant bearish trend line occurred at $3,140 on the ETH/USD hourly chart.
Continued upward movement is possible if Ethereum stays above the $3,250 threshold.

Ethereum Price Rips Higher by 8%

Ethereum Price Revisits $3,350

The price of Ethereum (ETH) has stabilized above $3,120 and is seeing a new upswing, mirroring Bitcoin's recent movements. The coin surged past the $3,160 and $3,200 resistance points. A significant breakthrough occurred as ETH climbed above a bearish trend line at $3,140 on the hourly chart. The bulls successfully lifted the price above $3,300, reaching a peak of $3,374 before undergoing a minor correction.

Currently, Ethereum is trading above $3,300 and the 100-hourly Simple Moving Average. If the bulls manage to maintain support above $3,300 or the 23.6% Fibonacci retracement level from the recent swing low of $3,061 to the high of $3,374, a further increase could be on the horizon.

Ethereum Price Analysis
Source: ETHUSD on TradingView.com

Immediate resistance is observed near the $3,340 level, with the first major resistance around $3,380. If the price can move beyond $3,420, it may advance towards $3,500. A breakout above this level could encourage more upward trends, potentially leading ETH towards the $3,550 resistance area or even as high as $3,650 in the near future.

Are We Facing a Downside Correction in ETH?

Should Ethereum be unable to break through the $3,340 resistance, it may initiate a downward trend. The initial support level on the downside is approximately $3,300, and significant support lies around the $3,250 mark. A decisive move below this support might push the price to the $3,220 level and the 50% Fibonacci retracement from the recent low of $3,061 to the high of $3,374. Further declines could see Ethereum heading towards the $3,180 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in bullish territory.
Hourly RSI: The RSI for ETH/USD currently stands above the 50 mark.
Major Support Level: $3,250
Major Resistance Level: $3,340

This article covers Ethereum's recent price movements, key resistance levels, and important support thresholds, providing a solid overview for investors and enthusiasts looking to navigate the evolving crypto landscape.