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Ethereum continues its significant uptrend by maintaining gains above the $3,120 resistance area. This cryptocurrency could climb higher soon if it surpasses the critical resistance level of $3,280. At the time of writing, Ethereum was trading at $3,262.
Ethereum’s New Targets
According to recent updates, Ethereum has moved its rise above the $3,220 resistance zone and is currently trading above $3,165 and the 100-hour Simple Moving Average. A noticeable upward trend line forming at the $3,170 support level on the ETH/USD four-hour chart highlights the potential for continued upward movement if Ethereum breaks the $3,280 resistance zone.
Ethereum’s price remains in a positive zone above $3,000. ETH has moved its increase above the $3,150 and $3,165 resistance levels, even surpassing the $3,250 resistance.
ETH’s Rise Could Continue
According to the latest data, Ethereum traded at a new weekly high of $3,263 and underwent a brief correction. However, bulls actively provided support above the $3,200 level. Currently, Ethereum is trading above $3,200. Additionally, the significant upward trend line formed at the $3,170 support level could also influence the price direction.
In the short term, the nearby resistance for the cryptocurrency Ethereum is around $3,270, while a larger resistance lies near $3,300. In the upcoming period, if Ethereum moves towards the $3,350 level, it could open the door to higher targets.
However, a close above the $3,550 resistance could indicate that Ethereum might move even higher. In this scenario, testing the $3,750 resistance could also be on the agenda. Ethereum could gain more in the coming days towards the $3,880 resistance area.
Why is the $3,280 Resistance Important?
Recently, Ethereum’s price has not surpassed the $3,280 resistance, which could be a signal for a downward correction. Currently, the first support level the price might encounter if it moves downward is around $3,200. However, in case of a more serious decline, the $3,180 area and nearby trend line could provide significant support.
The main support level is notably at $3,120. A sharp drop below this level could increase selling pressure and push Ethereum towards $3,030. Further losses could potentially bring the price down to $2,850 in the near term.
Looking at the technical indicators, the four-hour MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the four-hour RSI for ETH/USD is also above the 50 level, which could provide a positive outlook for the price.
