Key Takeaways
– Ethereum’s price consolidates above $3,150 with potential ascent above $3,500.
– ETH struggling below $3,500 resistance, unlike Bitcoin’s growth.
– Key contracting triangle forming on hourly ETH/USD chart, with resistance at $3,355.
– A clear move above resistance of $3,445 could lead to a surge towards $3,650 or even $3,720.
– Initial support level at $3,200, and resistance at $3,400.
Ethereum’s Tentative Uprising
While Bitcoin gains, Ethereum is having difficulty breaking the $3,500 resistance. However, as it steadies above $3,150, an upward movement may be on the cards. While Ethereum was unsuccessful in maintaining momentum above $3,400 and $3,450, it currently trades above the $3,300 mark and the 100-hourly Simple Moving Average.
The Precarious Triangle
A noteworthy contracting triangle seems to be forming on the hourly chart of Ethereum/US dollar with fairly stout resistance around the $3,355 threshold. Another surge could transpire if Ethereum crosses the $3,400 barrier, however, a prominent resistance is forming at approximately $3,445.
Potential Price Break and Surge
If Ethereum manages to leap beyond the $3,445 line, it could send the value towards the $3,550 mark. A further break past this resistance could spur additional gains in sessions to come. In that scenario, Ethereum might target the $3,650 or even $3,720 zone in the near term.
Possibility of Further Decline
Alternatively, if Ethereum fails to penetrate the $3,400 barrier, it could set itself up for another potential dip. The first considerable support is stationed near the $3,300 spot, with major support hovering around $3,250. If Ethereum slips below this support, it may likely make its way towards the $3,200 support. Any further damage done could send Ethereum falling towards the $3,120 marker in the short term, with the next significant support stationed at $3,050.
Status of Technical Indicators
Presently, the Moving Average Convergence Divergence (MACD) for Ethereum/US dollar seems to be losing momentum in the bullish zone, while the Relative Strength Index (RSI) is sitting above the 50 mark. The major support for Ethereum is around $3,200 and the significant resistance level is near $3,400.
Wrap Up
The coming days will throw light on Ethereum’s performance. While it struggles below the $3,500 resistance, an upward move with an upside break is a potential scenario. This could lead Ethereum towards the $3,650 or even $3,720 mark. However, failure to cross the $3,400 barrier could trigger another dip towards the $3,120 or $3,050 support levels. As Ethereum’s performance fluctuates, these technical indicators are worth keeping an eye on.