Ethereum's Price Surge: The Journey Isn't Over Yet

Ethereum has begun a steady increase, crossing the $3,200 threshold. Currently, ETH is solidifying its gains and may target further increases above $3,300.

Key Takeaways

Ethereum has initiated a fresh increase, getting past resistance levels of $3,150 and $3,200.
The current trading level is above $3,220 and the 100-hourly Simple Moving Average.
A significant bullish trend line is forming with support at $3,200 on the hourly chart for ETH/USD.
The price could follow an upward trajectory if it surpasses the $3,265 resistance level.

Ethereum Price Surge: The Journey Isn't Over Yet

Ethereum's Price Gains Persist

Ethereum's price has started to rise after stabilizing above the $3,120 mark, mirroring Bitcoin's movements. The ETH price accelerated past both the $3,200 and $3,220 resistance levels. The bulls pushed the price toward $3,300, creating a peak at $3,299, after which the price is now in a phase of consolidation.

Currently, Ethereum is trading above $3,220 and the 100-hourly Simple Moving Average. Additionally, a crucial bullish trend line is forming with support located at $3,200 on the hourly chart for ETH/USD.

If the bulls manage to maintain their position above $3,200 without significant losses, ETH may attempt another increase. The immediate resistance lies around the $3,265 mark, with the first significant resistance closer to $3,280. The next major barrier is at $3,300.

Ethereum Price Growth
Source: ETHUSD on TradingView.com

A successful move above the $3,300 barrier could propel the price toward the $3,350 resistance. If ETH breaks out above the $3,350 area, it could signal further gains in the coming days, with potential heights reaching the $3,450 resistance zone or even $3,500 soon.

Is a Downward Correction Ahead for ETH?

If Ethereum cannot break through the $3,265 resistance, there could be a fresh decline. Immediate support on the downside is near the $3,220 level, which corresponds to the 61.8% Fibonacci retracement level from the recent increase between the swing low of $3,181 and the high of $3,299.

The first major support level is found around the $3,200 zone along with the trend line. A decisive move below this support could lead to prices dropping toward the $3,120 mark. Additional losses may see prices drop to the $3,050 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum but remains in a bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Major Support Level: $3,200
Major Resistance Level: $3,265