Recently, the price of Ethereum has again shown a strong development trend, regaining upward momentum, and its movement is similar to that of Bitcoin, successfully breaking through the key resistance level of $2,750, thereby initiating a new round of upward trend.
From a subsequent development perspective, Ethereum (ETH) has shown the potential for further upward breakthroughs, capable of challenging and breaking through resistance levels of $2,880 and $3,000, thus pushing its price trend further into positive territory, bringing more substantial profit expectations for investors.
Looking back at the situation over the past few trading days, the price of Ethereum has performed particularly well, not only soaring above $3,120 but also increasing by over 10%, successfully breaking through the price level of $3,150. Before experiencing a slight pullback, the price of Ethereum once reached a peak of $3,249. Notably, within the range from the swing low of $3,020 to the high of $3,249, the price of Ethereum fell below the 50% Fibonacci retracement level, which reflects the complexity of price fluctuations to some extent.
However, despite the aforementioned price fluctuations, bullish forces remain active at specific price levels. Specifically, near $3,080 and around the 76.4% Fibonacci retracement level from the swing low of $3,020 to the high of $3,249, bullish forces actively engaged in the market, providing some support for the price.
Regarding the current trading situation of Ethereum's price, its current trading price is above $3,120 and the 100-hour simple moving average, indicating that the current price is in a relatively strong position. Additionally, on the hourly chart of ETH/USD, a new bullish trend line has formed, with the support level exactly at $3,120, further solidifying the current price's support base.
From the perspective of price increase analysis, Ethereum's price seems to have encountered some resistance around $3,200 during the upward process. Furthermore, the first more significant resistance level is around $3,250, while the currently more critical major resistance level is gradually forming around $3,300. If the price of Ethereum can achieve a significant breakthrough at the resistance level of $3,300, this breakout may push the price further upwards, potentially moving towards the resistance level of $3,350.
Moreover, if the price of Ethereum successfully breaks through the resistance level of $3,420, it is highly likely to bring more profit opportunities for investors in the next few trading days. In this case, the price of Ether is expected to further rise to the resistance level of $3,500, thereby expanding its upward space.
Analysis on whether Ethereum supports buying on dips
If Ethereum fails to break through the resistance level of $3,250, its price trend may enter a downward correction mode. During the downward process, the initial support level is around $3,150. The first more critical major support level is located in the $3,120 area and near the aforementioned trend line.
If the price of Ethereum falls below the support level of $3,120, it may be pushed further down to $3,080. If the price continues to decline from this level, it could fall to the support level of $3,050 in the short term. The next critical support level is at $3,000.
Technical Indicator Situation
Hourly MACD Indicator: The MACD indicator of ETH/USD is currently showing a momentum gain in the bullish zone, and the performance of this indicator provides certain technical support for the price increase of Ethereum.
Hourly RSI Indicator: The RSI indicator of ETH/USD is currently above the 50 area, which also indicates that the price of Ethereum is currently in a relatively strong state, further confirming the possibility of its price increase.
In summary, the main support level for Ethereum's price is currently at $3,120, while the main resistance level is at $3,250. Investors can make more precise judgments on their investment decisions regarding Ethereum based on these key price levels and the changes in various technical indicators.
