Ethereum Price Targets Upside Break as Buyers Strengthen Their Control

Ethereum has started a new upward trend, breaking past the $3,000 mark, and now shows potential to extend its gains beyond $3,150.

Key Takeaways

Ethereum has initiated a fresh increase, surpassing the $3,000 and $3,020 resistance levels.
The current trading price is above $3,050, as well as the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $3,140 on the hourly ETH/USD chart.
If it stabilizes above the $3,150 area, Ethereum could continue its upward movement.

Ethereum Price Targets Upside

Ethereum Price Aiming for Further Gains

Ethereum’s price has successfully remained above $2,920, starting a new increase similar to Bitcoin’s. The ETH price gained enough momentum to break through the $3,000 and $3,020 resistance levels.

Recently, Ethereum experienced a minor drop from the $3,240 level, falling below the 50% Fibonacci retracement level of the recent surge from the $2,718 low to the $3,240 peak. Nevertheless, buying activity has remained strong around the $2,920 zone.

Currently, Ethereum is trading above $3,050 and the 100-hourly Simple Moving Average. However, if the price attempts another upward movement, it may encounter resistance near the $3,140 mark. A significant bearish trend line is forming at this level on the hourly ETH/USD chart.

Ethereum Price
Source: ETHUSD on TradingView.com

The next key resistance zone is around $3,200, followed closely by the $3,250 level. A decisive move above $3,250 could potentially drive the price up toward the $3,320 resistance. If the price breaks through the $3,320 level, it might pave the way for further gains, taking Ether to the $3,450 or even $3,500 levels in the near term.

Potential for a Downside Correction in ETH

If Ethereum is unable to break past the $3,140 resistance, a new decline may begin. The initial support on the downside is located around the $3,050 level, with the primary support area positioned at $3,000.

A clear decline below the $3,000 support could push the price towards the $2,950 support level. Additional losses might lead to the $2,920 area and the 61.8% Fibonacci retracement point from the recent increase. The next key support levels below are around $2,840 and $2,820.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is currently gaining momentum in the bullish territory.
Hourly RSI: The RSI for ETH/USD has risen above the 50 mark.
Major Support Level: $3,050
Major Resistance Level: $3,140