💥💥💥 Ethereum Targets $3,320: Bulls Eye Recovery with Base Formation
#EthereumPrice Analysis: Potential for Upside Breakout
Ethereum (ETH) appears to be building a base above the $2,820 support level. The cryptocurrency may be poised to break the $3,160 resistance and potentially rise towards $3,320.
Current Price Action
Support and Resistance: Ethereum is consolidating above the $2,880 level, trading above $3,000 and the 100-hourly Simple Moving Average. It has recently broken above a key bearish trend line at $2,960 on the hourly chart (data from Kraken).
Recent Performance: ETH retested the $2,820 support and has started a consolidation phase. The price recovered above the $2,880 and $2,920 levels. Ethereum also tested the $3,080 resistance zone, with a high at $3,072.
Potential Upsides
Resistance Levels: Ethereum is currently above the 23.6% Fib retracement level of the move from $2,894 to $3,072. If the price continues to rise, it might face resistance near $3,080, with the first major resistance at $3,150. Breaking this level could push ETH towards $3,200 and potentially to $3,320. Further gains might lead to a test of $3,350 and a possible rise to $3,500.
Possible Decline
Support Levels: If Ethereum fails to clear the $3,150 resistance, it could experience a decline. Initial support is around $3,020, with major support at the $2,960 zone and the 61.8% Fib retracement level. A drop below $2,960 might push the price towards $2,880, with further losses potentially leading to the $2,820 level.
Technical Indicators
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 mark.
Major Support Level: $2,960
Major Resistance Level: $3,150
Source - newsbtc.com
