Ethereum also gained bullish momentum similar to Bitcoin and surpassed the $3,100 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, it could gain more momentum if it also breaks the $3,200 resistance.
Ethereum Targets More Upside
Ethereum gained momentum and even broke the $3,120 resistance level after a break above several short term downtrend lines at $3,000 and $3,080. ETH is currently consolidating gains below the $3,190 level. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,950 high to $3,190 high.
A clear move above the $3,160 resistance could trigger another increase. The next major hurdle is near the $3,200 level. A break above the $3,200 level could start a move towards the $3,350 and $3,380 levels in the near term.
Will Ethereum Drop?
Jindal says that if Ethereum fails to rise above $3,160 or $3,180, it could start a downside correction. An initial support is near the $3,115 level. The first major support is near the $3,080 level. This is close to the 50% Fib retracement level of the recent rally from the $2,950 low to $3,190 low. A downside break below the $3,080 level could push the price down further. The next major support is near the $3,000 level and the 100 hourly SMA, below which there is a risk of a major downside correction.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is well above the 50 level.
- Main Support Level – $3,080
- Main Resistance Level – $3,200
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