Ethereum Price Surpasses $3,200 as Traders Anticipate Further Bullish Gains

Ethereum's price has initiated a fresh rise above $3,120, and it is currently making an attempt to surpass the $3,250 resistance level, with potential for more significant increases.

Key Takeaways

Ethereum's price surged above $3,000 and $3,120.
Currently trading above $3,150 and the 100-hour Simple Moving Average.
A bullish trend line is forming with support at $3,120 on the Ethereum/USD hourly chart.
Continued upward movement is possible if Ethereum settles over the $3,250 resistance level.

Ethereum Price Reaches Resistance

Ethereum's Price Outlook for Additional Gains

The price of Ethereum has managed to hold above $2,880 and has begun a fresh increase, similar to Bitcoin. This upward momentum allowed Ethereum's price to break past $2,950 and $3,000 resistance levels.

The bulls effectively pushed the price over $3,120, leading to a test of the critical barrier at $3,250. A peak was observed at $3,239, and the price is now stabilizing above the 23.6% Fibonacci retracement level related to the recent increase from the swing low of $2,718 to the high of $3,239.

As of now, Ethereum is trading above $3,150 and is positioned above the 100-hour Simple Moving Average. If the price experiences another upward shift, it may encounter resistance near the $3,250 threshold.

Ethereum Price
Source: ETHUSD on TradingView.com

The next significant resistance level lies around $3,265. If the price clears the first major resistance near $3,320, it could potentially surge towards the $3,450 resistance. A decisive breakout above the $3,450 mark could lead to even more gains in the upcoming days, with Ethereum possibly targeting the $3,500 resistance zone or even reaching $3,540 shortly after.

Is a Downward Correction Coming for ETH?

Conversely, if Ethereum is unable to break past the $3,250 resistance, it may begin to decline. Initial support on the downside is found around the $3,160 level, with significant support near the $3,120 level, where the bullish trend line exists.

A definite move below the $3,120 support could propel the price toward the $3,050 support level. Further losses might send Ethereum down to the vicinity of $2,980, coinciding with the 50% Fibonacci retracement level related to the recent rise from $2,718 to $3,239. Additional support levels can be observed at $2,920 and $2,880.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining traction in the bullish range.
Hourly RSI: The relative strength index (RSI) for ETH/USD is currently above the 50 threshold.
Major Support Level: $3,120
Major Resistance Level: $3,250