Public Account: Lazy King Squirrel
Ethereum Price Rises Steadily
Ethereum price, like Bitcoin, has started to break through the $2,880 resistance level and begin a new round of upward movement. ETH is able to break through the $3,000 and $3,120 resistance levels and further enter the positive zone.
In the past few trading days, it has even soared above $3,250. It has risen by more than 5% and broken through $3,350. Before a slight pullback, its highest point was $3,390. From the swing low of $3,080 to the high of $3,390, it has retraced 23.6% of the upward wave's Fibonacci retracement.
The Ethereum price is currently trading above $3,220 and the 100-hour simple moving average. The ETH/USD hourly chart has also formed a key bullish trend line, with support at $3,230. This trend line is close to the 50% Fibonacci retracement of the upward wave from the $3,080 swing low to the $3,390 high.
From an upward perspective, the price seems to be facing resistance around $3,350. The first major resistance is around $3,390. The current major resistance is around $3,420. If it clearly breaks through the $3,420 resistance, it may push the price towards the $3,550 resistance level.
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Breaking through the $3,550 resistance level may bring more gains in the coming trading days. In this case, Ethereum may rise to the $3,680 resistance level.
Is the Downside of ETH Limited?
If Ethereum fails to break through the $3,350 resistance level, it may start a downward correction. The initial downside support is around $3,280. The first major support is in the $3,250 area and near the trend line.
A break below the $3,250 support level may push the price towards $3,150. If the price falls further, it may drop to the $3,080 support level in the short term. The next key support is at $3,000.
