Ethereum price has initiated a new upward trend, surpassing the $3,150 mark. ETH is currently in a consolidation phase and could soon target a definitive breakout above $3,350. Ethereum has initiated a downward correction from the $3,450 level, and the price is currently trading above $3,200 and the 100-hourly Simple Moving Average. A new connecting bullish trend line is emerging, with support positioned at $3,180 on the hourly chart of ETH/USD, according to data, and the pair may experience further declines if it establishes itself beneath the $3,150 level.
Ethereum’s price has successfully maintained its position above $3,150 and has initiated a fresh upward trend, surpassing Bitcoin. ETH price showed resilience, pushing past the $3,300 and $3,320 resistance levels. The bulls managed to drive the price past the $3,400 mark; however, the bears were making their presence felt below $3,450. A peak was established at $3,448, and the price is currently undergoing a correction of its gains. The price dipped below $3,250, even experiencing a spike beneath the 50% Fibonacci retracement level of the upward movement from the $2,914 swing low to the $3,448 low.
Nonetheless, the bulls showed significant activity around the $3,150 mark. Ethereum price is currently trading above $3,200, surpassing the 100-hourly Simple Moving Average, and additionally, a new connecting bullish trend line is emerging, with support positioned at $3,180 on the hourly chart of ETH/USD. Should there be another upward movement, the price may encounter resistance around the $3,290 mark, and the upcoming significant resistance is around the $3,320 mark. The initial significant resistance can be found around the $3,350 mark, and a decisive breakout above the $3,350 resistance could propel the price towards the $3,400 resistance level, while an upside break above the $3,400 region could signal further gains in the days ahead.
In the current scenario, Ether has the potential to ascend towards the $3,450 resistance level or possibly reach $3,500 in the short term. If Ethereum struggles to surpass the $3,320 resistance, it may initiate a new downward trend, with initial support on the downside hovering around the $3,200 mark. The initial significant support level is located around the $3,150 area, and a decisive drop beneath the $3,150 support could drive the price down to the $3,040 support level. Further losses could push the price down to the $3,020 area, with the next crucial support level positioned at $3,000.