Ethereum price continues to rise, surpassing the $3,120 resistance level and aiming for $3,200. The price is currently above $3,080 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $3,070 on the hourly chart of ETH/USD.
Ethereum has outperformed Bitcoin, reaching $3,213 before correcting slightly. The price is now above the 100-hourly Simple Moving Average and facing resistance at $3,140, with $3,200 and $3,220 as major hurdles. A close above $3,220 could push Ether towards $3,320 and $3,440, with potential to reach $3,550.
In case of a decline, initial support is at $3,070 with major support at $3,000 and $2,970. Further losses could lead to a drop to $2,895 and $2,820. The MACD for ETH/USD is losing bullish momentum, while the RSI is below the 50 zone.
Overall, Ethereum’s price is on an upward trend with key resistance at $3,200 and support at $3,070.