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Ethereum Rallies Above $3,200 But This Resistance Is The Key

Ethereum started an upside correction above the $3,180 zone against the US Dollar. ETH price must clear the $3,250 to continue higher in the near term.

Ethereum started a decent increase above the $3,200 resistance zone.
The price is trading above $3,200 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $3,190 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear break above the $3,250 resistance zone.

Ethereum Price Aims Upside Break
Ethereum started a decent increase above the $3,150 resistance zone. ETH even broke the $3,200 resistance zone and the 100 hourly simple moving average to move into a positive zone.
The upward move gained pace, but the bears appeared near the $3,250 level. A high was formed near $3,264 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $2,931 swing low to $3,264 high.
Besides, there is a key bullish trend line forming with support near $3,190 on the hourly chart of ETH/USD. Bitcoin price is trading above $3,200 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $3,250 level. A clear move above the $3,250 level might start a major increase in the near term. The next major resistance is near the $3,330 level, above which ether price could test $3,400. Any more gains could send the price towards the $3,550 level in the near term.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the $3,250 level, it could start another decline. An initial support on the downside is near the $3,200 level.
The first key support is now forming near the $3,190 level and the trend line. A downside break below the $3,190 level might spark a fresh decline. In the stated case, the price could test the $3,100 support zone. It is near the 50% Fib retracement level of the recent increase from the $2,931 swing low to $3,264 high.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $3,190
Major Resistance Level – $3,250

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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