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Altcoin Ethereum price has recently gained impressive momentum, managing to surpass the $3,000 resistance level. This significant milestone highlights the cryptocurrency ETH’s strong performance in its upward trend. Currently, the cryptocurrency is trading above the 100-hour Simple Moving Average, giving off positive signals.
Which Levels Should Be Watched for Ethereum?
On the hourly chart, an important rising trend line is observed for altcoin Ethereum (ETH) with support at $2,950. This level could provide strong support for the price’s upward movement and help limit potential corrections.
We are now closely looking at the resistance levels Ethereum could encounter. Immediate resistance levels include $3,040 and $3,065. However, a significant breakout could lead to testing the resistance area around $3,120. A move above this level could allow altcoin ETH to progress towards $3,220 and possibly reach even higher levels.
What Levels Should Be Monitored for a Downward Move in ETH?
For the cryptocurrency Ethereum (ETH), support levels should also be considered in case the price undergoes a downward correction. The first support is at the $2,995 level, and a pullback towards the $2,950 level could be possible. These points could help the price find a solid foundation in its upward trend.
Looking at technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating that bulls are in control of altcoin Ethereum. Additionally, the hourly RSI is currently trading above the 50 level, suggesting that the buying movement could continue.
Altcoin Ethereum’s strong performance above the $3,000 level and positive technical indicators point to the potential for the price to maintain its upward trend in the short term. However, resistance and support levels must be carefully monitored, and strategies should be adopted in response to price movements. As we write this article, the leading altcoin Ethereum is trading at the $2,974 level, bringing it close to a certain support level.
Cryptocurrency world’s number two, Ethereum, has quite a journey ahead on its way to $10,000. However, the potential approval of Ethereum ETFs suggests that five-digit figures are within the realm of possibility.
