Ethereum price broke above the $3,120 resistance zone; ETH could start a new rally if it breaks the $3,280 resistance zone.
ETH has regained its highs and is approaching the $3,280 resistance zone.
The price is trading above the 100-hour simple moving average at $BTC On the hourly chart of ETH/USD (Kraken data), the pair broke above two bearish trendlines with resistances at $3,070 and $BTC The pair could get bullish momentum if it closes above the $3,250 zone.
#binance prices formed a base at the $2,850 level and started a recovery wave similar to bitcoin; #ETH broke several key barriers around $3,000 and entered positive territory.
On the hourly chart of ETH/USD, the pair broke above two bearish trendlines with resistance at $3,070 and $3,150. The pair broke above the 50% retracement level of the Fib downtrend from a high of $3,278 to a low of $BTC Ethereum is currently trading above the 100-hour simple moving average at $3,120. It has also consolidated above the 76.4% retracement level of the Fib downtrend pullback from the $3,278 high to the $2,867 low. The last resistance is near the $3,200 level.
The first major resistance is near the $3,250 level. The next major resistance is at the $3,280 level, above which price could gain momentum and move up to the $3,350 level.
A close above the $3,350 resistance level could take the price to the $3,420 reversal level; above $3,420, the Ethereum price could rise to $3,550. If the price rises further, Ether could head towards the $3,880 resistance zone in the next few days.
Another fall in ETH?
If Ethereum fails to overcome the $3,250 resistance, another decline could begin. The first support on the decline is in the $3,150 area. The first major support is around $3,120 and the 100-hour simple moving average.
A move below the $3,120 support level could increase selling pressure and push prices down to $3,020. Further losses could head towards the USD 2,965 level in the short term.
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