๐๐๐ #Ethereum Price Uptrend To Continue? These Could Be The Factors To Watch
Ethereum's price surged to a new multi-month high, surpassing the $3,500 mark. However, similar to #Bitcoinโฌ , ETH is now undergoing a correction, potentially finding strong support around the $3,250 zone.
The uptrend in Ethereum continued as it broke through the critical $3,500 resistance level. Notably, ETH surpassed various obstacles around $3,320 and $3,400 before peaking near $3,515.
Following the peak, a corrective phase ensued, leading to a decline below $3,420 and $3,400. The price even retraced to the 50% Fibonacci retracement level of the recent upward movement from the $3,110 swing low to the $3,515 high.
Despite the correction, Ethereum remains above $3,300 and the 100-hourly Simple Moving Average. Furthermore, a significant bullish trend line is taking shape, with support forming at $3,260 on the hourly chart of ETH/USD. This trend line aligns closely with the 61.8% Fibonacci retracement level from the aforementioned swing low to high.
In terms of resistance, immediate hurdles are seen near $3,420 and $3,450, followed by a major resistance at $3,500. A breakthrough above $3,500 could pave the way for a bullish continuation towards the $3,620 resistance level, potentially targeting $3,800.
Should Ethereum struggle to surpass the $3,420 resistance, a downside correction might ensue. Initial support awaits near $3,310, with a more significant support zone around $3,260 or the aforementioned trend line. A breach below $3,250 could trigger further downside towards $3,120, with additional losses possibly extending to $3,050.
Analyzing the technical indicators, the hourly MACD for ETH/USD indicates a loss of bullish momentum, while the hourly RSI is currently below the 50 level.
Key Support Levels:
- $3,260
- $3,250
Key Resistance Levels:
- $3,420
- $3,500
Source - newsbtc.com
