Ethereum managed to climb as high as $3,196. A break above $3,200 may be attempted, according to technical analysis by NewsBTC’s Aayush Jindal.
Ethereum Continues to Increase Its Earnings
Ethereum formed a local top at $3,196 after finding good support above $3,000 and the 100 hourly simple moving average. It is currently consolidating gains and is trading below the $3,150 level. ETH also tested the 23.6% Fib retracement level of the recent high from the $2,832 low to $3,196 high. There is also a key bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD.
immediate resistance is near the $3,150 level. The first major resistance is near the $3,180 level. The main resistance is near the $3,200 level. A successful close above $3,200 could initiate another rise. In the stated case, the price could test the next key hurdle at $3,250. Any further gains could send the price towards the $3,320 level.
Will Ethereum Drop?
Jindal says if Ethereum fails to start a fresh increase above $3,150 or $3,180, it could initiate a downside correction. An initial support on the downside is near the $3,110 level. The next major support is near the $3,050 level and the trend line.
The 50% Fib retracement level of the rise from the $2,832 high to $3,196 high is also just below the trend line and the 100 hourly simple moving average. A downside break below the trendline support could push the price towards the $3,000 level. Any more losses may require a move towards $2,880.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level.
- Major Support Level – $3,050
- Major Resistance Level – $3,180
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