Ethereum Begins Rally Above $3,240 Zone
Ethereum's price has started a significant recovery wave, breaking above the key resistance level of $3,240 and now heading toward higher levels. It is currently facing hurdles near $3,480.
Ethereum is trading above $3,320 and the 100-hour simple moving average.On the hourly ETH/USD chart, a short-term contracting triangle with resistance at $3,240 was broken.If ETH clears the $3,480 resistance, it could continue its upward trajectory.
Ethereum Gains Over 5% in Value
Ethereum initiated a rally similar to Bitcoin, bouncing back from the $3,150 level. It managed to clear the key resistance levels of $3,180 and $3,240, entering a positive zone.
ETH broke through a short-term triangle on the ETH/USD chart, climbing above $3,350 and $3,400.The cryptocurrency tested the resistance zone at $3,480, reaching a high of $3,473, and is now consolidating its gains.
A minor drop occurred below the 23.6% Fib retracement level of the upward move from $3,186 to $3,473, but the price remains above $3,300 and the 100-hour simple moving average.
Key Resistances and Potential Upside
Ethereum is currently facing resistance near the $3,450 level.
The first major resistance is at $3,480, with the primary barrier near $3,500.A clear breakout above $3,500 could push the price toward the $3,550 resistance.Further gains might see ETH reaching the $3,650 or even $3,720 zone in upcoming trading sessions.
Possible Price Correction
If Ethereum fails to clear the $3,480 resistance, it could face a downside correction:
The initial support lies near $3,350.The key support is at $3,280, aligning with the 50% Fib retracement of the recent rise.A clear move below $3,280 could push the price toward $3,240. Further losses might bring ETH down to $3,120 or even $3,050.
Technical Indicators
Hourly MACD: Losing momentum in the bullish zone.Hourly RSI: Holding above the 50 level.
Key support levels: $3,280, $3,240
Key resistance levels: $3,480, $3,500
Ethereum has promising prospects for further growth if it can break above key resistance levels and sustain its current momentum.
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