$ETH
📈 Ethereum's ascent continues as it breaches the $3,200 mark, signaling a bullish trajectory.
👉👉Having surpassed the pivotal $3,000 resistance, Ethereum now trades comfortably above $3,050 and maintains its position above the 100-hour SMA.
👉👉Analyzing the hourly ETH/USD chart reveals the formation of a robust bullish trend line, with a supportive base around $3,080.
Anticipation mounts as the pair eyes potential targets at $3,200 or even $3,250 in the near future.
👉👉In a notable development, Ethereum has outpaced Bitcoin by 5%, demonstrating resilience by holding above $2,880 before surging past the $3,000 barrier.
👉👉Currently, Ethereum sustains its gains after achieving a multi-week high at $3,121, showcasing strength even as it trades above the 23.6% Fib retracement level.
👉👉With $3,120 acting as immediate resistance, the next significant obstacle lies around $3,150. Surpassing these levels could pave the way for a rally towards $3,200, with further upside potential towards $3,280 and possibly $3,320.
👉👉However, should Ethereum encounter a pullback, initial support is expected near the trend line and $3,080. Subsequently, $3,000 serves as a crucial level, followed by potential support zones around $2,960 and $2,920.
👉👉Technical indicators suggest a mixed sentiment, with the hourly MACD signaling a loss in bullish momentum while the RSI remains above 50.
👉👉In summary, Ethereum's upward momentum persists, with $3,120 and $3,000 emerging as key support and resistance levels respectively, amidst an environment poised for further price exploration.
