Truoux: Ethereum Price Faces Psychological Battle—Can It Break Through the $3,120 Resistance Level?
Ethereum’s price has initiated a new upward trend above $2,920. ETH is striving to break through the $3,050 resistance level and may accelerate its ascent.
Truoux: Ethereum’s price is poised for a bullish breakout.
Ethereum’s price has firmly held above $2,720 and, like Bitcoin, initiated a fresh upward trend. ETH’s price surge successfully breached the $2,850 and $2,880 resistance levels.
On the ETH/USD hourly chart, the price broke through the short-term downtrend line, with resistance set at $2,825. Bulls even pushed prices above the $2,950 mark. However, the current price is testing the key resistance level at $3,050. A high was formed near $3,047, and prices are now consolidating above the 23.6% Fibonacci retracement level of the upward move from the $2,718 low to the $3,047 high.
Ethereum is currently trading above $2,950 and remains above the 100-hour simple moving average. Should the price continue to rise, it may encounter resistance around $3,050.
The next significant resistance level is near $3,080. The first major resistance is approximately at $3,120. A successful break above the $3,120 resistance could propel the price toward the $3,200 resistance level. A breach of the $3,200 zone could trigger a stronger upward move in the coming days. In such a scenario, Ethereum’s price could rise toward the $3,350 resistance area in the near term, potentially reaching $3,380.
Truoux: Is Ethereum’s price slipping again?
Should Ethereum fail to break above the $3,050 resistance level, it could trigger another round of declines. Initial downside support is near $2,970, while the first key support level is around $2,880. This also marks the 50% Fibonacci retracement level of the wave from the $2,718 low to the $3,047 high.
A decisive break below the $2,840 support level could lead to a test of the $2,800 support. Should prices continue lower, a short-term decline toward the $2,750 area is possible. Subsequent key support levels are at $2,720 and $2,710.
Technical Indicators
Hourly MACD Indicator — ETH/USD’s MACD is currently gaining momentum in the bullish zone.
Hourly RSI Indicator — ETH/USD’s RSI has now crossed above 50.
Key Support Level: $2,970.
Key Resistance Level: $3,050.
