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- Ethereum is up 18.41% in the last week, trading at $3,062 despite a slight 0.01% daily change.
- ETH faces $3,000 resistance, a breakout could push it towards $3,450, with strong support at $2,516.
- RSI at 74.09 indicates overbought conditions, but bullish momentum persists with potential for further gains.
As of press time, Ethereum (ETH) is trading at $3,062 and is up by a slight 0.01% in the last day. With such a low daily fluctuation, ETH has surged by 18.41% over the last week, showing robust growth. The volume of trading has also reduced by 3.74% to the value of $33.14 billion, thus showing less activity. Nevertheless, the overall market mood is optimistic.
Source: CoinMarketCap
CoinCodeCap Trading highlighted that Ethereum is facing an important resistance level near $3,000. Broken above this level, ETH may be rolled to the target of $3,450. With a 200-day simple moving average (SMA) support set at $2,516, ETH has already rebounded off this support and should hold all its positions as strong up to $2,400 and as low as $2,100. The resistance level has solidified at $3,000 and a bullish move beyond it would be an opportunity to proceed higher.
Source: X
Ethereum’s $3,000 Resistance
Ethereum is tightening around the $3,000 mark, and traders are awaiting a break. As the technical indicators are strong, ETH could gain more should the rise of the $3,000 resistance hold. A breach above this mark will send Ethereum to the next support at 3,450.
Relative Strength Index (RSI) is at 74.09 and Ethereum is in the overbought territory. This implies that Ethereum could still go higher, but it is getting close to a stage where it can begin to experience pullbacks in price. Nevertheless, the RSI has still not reached the maximum of further increases yet. This keeps the bullish mindset, there are still no such indications of overextension.
The MACD (Moving Average Convergence Divergence) is in favour of the continued bullish trend. The histogram has been reducing slightly, indicating that there is a reduction in momentum. However, the MACD line is not below the signal line yet, which means that the increasing trend of Ethereum is not broken. This indicates that ETH may keep going up, but the rate might decrease.
Source: TradingView
Key Resistance Levels for ETH
Jonathan Carter revealed that Ethereum has seen a cup and handle pattern with a neckline breached on the daily chart. This trend reinforces the bull market and the targets are set on $3,200, $3,500, and possibly $4,000. This bullish path should be confirmed by a revisit to the level of the breakout.
Source: X
The recent price movement of Ethereum is highly bullish and major resistance levels are imminent. A breakout should be closely observed by traders at the level of $3,000. Once ETH goes beyond this, it may rally further to new heights, including $3,450 and above.
