19 November 2024
Ethereum price started a consolidation phase near the $3,000 zone. ETH is slowly moving higher and might aim for a fresh surge above $3,220.
- Ethereum is consolidating and facing hurdles near $3,220.
- The price is trading above $3,150 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,220 resistance zone.
Ethereum Price Faces Hurdles
Ethereum price remained supported above the $3,000 level like Bitcoin. ETH formed a base and recently moved above the $3,120 and $3,150 resistance levels.
There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even cleared the $3,200 level and tested $3,220. A high was formed at $3,224 before there was a pullback. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high.
Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,200 level.
The first major resistance is near the $3,220 level. The main resistance is now forming near $3,250. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,140 level or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high. The first major support sits near the $3,050 zone.
A clear move below the $3,050 support might push the price toward $3,000. Any more losses might send the price toward the $2,940 support level in the near term. The next key support sits at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,140
Major Resistance Level – $3,220