Ethereum Poised to Rival Bitcoin’s Dominance as Positive Indicators Signal Potential Surge
Ethereum’s price has initiated an upward trajectory from the $3,080 support level, indicating a potential move towards testing the $3,500 resistance threshold.
The cryptocurrency Ethereum is displaying positive indications starting from the $3,150 pivot point. It is currently trading above $3,250 and the 100-hourly Simple Moving Average. Notably, there was a breakthrough of a significant bearish trend line with resistance at $3,280 on the hourly ETH/USD chart provided by Kraken data feed. The pair may extend its upward movement as long as it maintains levels above the $3,280 support mark.
Having established a base above the $3,080 support mark, Ethereum saw a low at $3,087 before embarking on a notable upsurge above the $3,220 resistance level, albeit not as robust as Bitcoin’s performance.
A pivotal moment occurred with the breach of a key bearish trend line at $3,280 on the hourly ETH/USD chart. The pair successfully surpassed the 50% Fib retracement level from the downward shift between the $3,540 peak and the $3,087 low.
Presently, Ethereum is trading above $3,250 and the 100-hourly Simple Moving Average. Further upside movement could encounter hindrances around the $3,375 level or the 61.8% Fib retracement level from the $3,540 high to the $3,087 low.
The primary obstacle lies near the $3,400 threshold, followed by a major hurdle at $3,450. A breakthrough above $3,450 could propel Ether towards the $3,500 resistance level, with subsequent resistance at $3,550 and a potential surge towards the $3,720 zone in the near future.
In the event Ethereum struggles to surpass the $3,400 resistance, a downside correction might ensue. Initial support is anticipated around $3,280, with a more substantial support level near $3,250. A decisive dip below $3,180 could steer the price towards $3,120, potentially leading to a further decline towards the $3,080 support level, followed by critical support at $3,050.
Analyzing the technical indicators, the hourly MACD for ETH/USD is exhibiting bullish momentum, while the hourly RSI has crossed above the 50 threshold.
Key levels to monitor include a major support level at $3,250 and a significant resistance level at $3,400.
