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TA: Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.

Ethereum started a strong increase from the $2,750 support zone.
The price is now trading above $3,000 and near the 100 hourly simple moving average.
There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass $3,175 and $3,200 to continue higher in the near term.

Ethereum Price Is Gaining Momentum

Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.

There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.

Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance on the upside is near the $3,165 level. The first major resistance is near the $3,175 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could push the price further higher. In the stated case, the price could rise towards $3,320.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,165 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,065 level.

The next major support seems to be forming near the $3,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high at $2,950. If ether fails to stay above $2,950, it could resume its decline in the near term.

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 now well above the 50 level.

Major Support Level – $3,065

Major Resistance Level – $3,175

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin78,523 0.18 % 4.45 % 11.01 %
Ethereum5,328.0 0.09 % 6.98 % 4.09 %
Binance Coin606.05 0.02 % 6.96 % 9.58 %
Tether1.330 0.18 % 0.68 % 0.12 %
Cardano2.560 0.66 % 11.05 % 12.40 %
Solana250.41 0.37 % 8.63 % 7.05 %
XRP1.330 0.44 % 11.16 % 12.66 %
Polkadot54.90 0.70 % 9.06 % 7.50 %
Shiba Inu0.0001011 11.74 % 40.98 % 159.43 %
USD Coin1.330 0.05 % 0.45 % 0.39 %

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