Ethereum began an upward correction higher than the $3,180 area against the US Dollar. To continue rising in the short term, ETH must surpass $3250.
- Ethereum experienced a solid increase over the $3,200 resistance area.
- The 100-hourly simple moving average is at $3,200.
- A key bullish trendline is emerging with support at $3,190 (data feed via Kraken).
- If the pair breaks above $3,250, it could keep rising.
Ethereum price seeks upside break
Ethereum saw a solid increase over the $3,150 resistance area. ETH broke even the $3,200 resistance area and the 100-hourly simple moving average in order to enter a positive zone.
Although the upward movement was accelerating, bears began to appear near $3,250. It reached a peak at $3,264. The price is consolidating these gains. It trades well above the 23.6% Fib level of the recent rise from the $2931 swing low, to the $3,264 high.
A key bullish trendline is also forming, with support close to $3,190 in the hourly chart of Ethereum/USD. Bitcoin prices are trading at above $3,200. This is in addition to the simple moving average of 100 hours.
Source: TradingView.com, ETHUSD
Surprisingly, a resistance area is located near the $3250 level. An obvious move above the level of $3,250 might trigger an immediate increase. Next is $3330, where the price can test $3,000. In the short term, any further gains may push the price to the $3550 mark.
Is there a new decline in ETH?
It could begin a new decline if ethereum does not start an increase above $3,250. The $3,200 mark is the initial support for the downside.
Near the trend line, and at the $3190 level is the first important support. An upside break below $3,190 might trigger another decline. The price may test the $3,000.00 support level in the above scenario. The price is close to the Fib retracement of 50% the increase in the swing from $2,931 low to $3,264 high.
Technical indicators
Minutely MACD – Slowly, the MACD for USD/ETH is losing momentum in bullish territory.
Hourly RSI – The RSI is higher than 50 for USD/ETH.
Major Support Level – $3,190
Major Resistance Level – $3,250
