💥💥💥 #EthereumPrice Rises Amid Challenges: Will ETH Break Above $3,200?

Ethereum Price Eyes $3,200 Resistance After Upward Surge

Ethereum's price has risen above the $3,120 resistance zone and is now targeting a move above $3,200.

Current Price Action:

- Price Movement: Ethereum is trading above $3,080 and the 100-hourly Simple Moving Average.

- Trend Line: A bullish trend line with support at $3,070 is forming on the hourly chart of ETH/USD (data from Kraken).

- Resistance Levels: ETH has moved past the $3,050 and $3,150 resistance levels, even spiking above $3,200 and reaching $3,220. Currently, the price is correcting and has dipped slightly below $3,150, testing the 50% Fib retracement level from the $2,894 swing low to the $3,213 high.

Resistance and Support Levels:

- Resistance: Immediate resistance is near $3,140, followed by major hurdles at $3,200 and $3,220. A break above $3,220 could push Ethereum towards $3,320 and eventually $3,440. An upside break above $3,440 might see the price move towards $3,550.

- Support: If Ethereum fails to breach $3,140, it might decline. Initial support is near $3,070 and the trend line, with major support around $3,000 and the 61.8% Fib retracement level. A clear break below $3,000 could lead to further declines towards $2,970 and $2,895, with key support at $2,820.

Technical Indicators:

- Hourly MACD: Losing momentum in the bullish zone.

- Hourly RSI: Below the 50 zone.

Summary:

Ethereum is showing a bullish trend, having outperformed Bitcoin recently. The price needs to clear the $3,200 resistance to continue its upward momentum, while dips are supported around $3,070 and lower levels.

Source - newsbtc.com