Ethereum Price Rallies to $3,200, Bulls Press for Further Upside
Analysis
Price Impact
HighEthereum price has rallied above $3,200 and is consolidating gains. bulls are pressing for further upside, with potential targets at $3,250, $3,350, and possibly $3,500 in the near term, indicating significant upward movement.
Trustworthiness
HighThe source explicitly highlights a strict editorial policy, review by industry experts, meticulous review, and adherence to the highest standards in reporting, which collectively suggest high trustworthiness.
Price Direction
BullishEthereum has started a fresh increase, breaking above $3,000 and $3,050, and is trading above its 100-hourly sma. technical indicators like macd gaining bullish momentum and rsi above 50 further support a strong bullish sentiment.
Time Effect
ShortThe analysis focuses on immediate resistance and support levels, discussing potential movements 'in the coming days' and 'near term', suggesting a short-term outlook for these price actions.
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Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a steady upward move above $3,050. ETH is now consolidating gains and might aim for more gains above $3,200. Ethereum started a fresh increase above $3,000 and $3,050. The price is trading above $3,100 and the 100-hourly Simple Moving Average. There is a short-term bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it clears the $3,200 zone. Ethereum Price Eyes More Gains Ethereum price started a fresh increase after it settled above the $3,000 zone, like Bitcoin . ETH price gained pace for a move above the $3,050 and $3,120 resistance levels. The bulls even pumped the price toward $3,200. A high was formed at $3,218, and the price is now consolidating gains. It declined a few points below the 23.6% Fib retracement level of the recent increase from the $3,116 swing low to the $3,218 high. Ethereum price is now trading above $3,100 and the 100-hourly Simple Moving Average . Besides, there is a short-term bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD. If the bulls are able to protect more losses below $3,120, the price could attempt another increase. Immediate resistance is seen near the $3,200 level. The first key resistance is near the $3,220 level. The next major resistance is near the $3,250 level. Source: ETHUSD on TradingView.com A clear move above the $3,250 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term. Another Decline In ETH? If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,165 level or the 50% Fib retracement level of the recent increase from the $3,116 swing low to the $3,218 high. The first major support sits near the $3,120 zone. A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 region. 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 – $3,120 Major Resistance Level – $3,220