Ethereum Poised for a New Rally: Will the Uptrend Gain Strength?

In
the
latest
developments
in
the
cryptocurrency
market,
Ethereum,
the
second-largest
cryptocurrency
by
market
cap,
has
entered
a
consolidation
phase
near
the
$3,000
zone.
Experts
are
watching
the
digital
currency’s
movements
closely,
predicting
a
slow
but
steady
rise
that
may
potentially
usher
in
a
fresh
surge
above
the
$3,220
mark.

Ethereum,
commonly
referred
to
as
ETH,
is
currently
facing
obstacles
near
the
$3,220
level.
The
price,
however,
is
trading
above
$3,150
and
the
100-hourly
Simple
Moving
Average
(SMA),
indicating
a
positive
momentum.
In
an
encouraging
development,
there
was
a
break
above
a
crucial
bearish
trend
line
with
resistance
at
$3,130
on
the
hourly
chart
of
ETH/USD.
This
data
was
obtained
via
Kraken,
a
popular
cryptocurrency
exchange
platform.

The
ETH/USD
pair
could
potentially
initiate
a
fresh
increase
if
it
manages
to
clear
the
$3,220
resistance
zone.
This
would
indicate
a
strong
move
in
favor
of
the
bulls,
potentially
leading
to
substantial
gains
for
Ethereum
holders.

Although
Ethereum’s
price
has
remained
supported
above
the
$3,000
level,
mirroring
Bitcoin’s
recent
performance,
ETH
has
managed
to
form
a
base
and
move
above
the
$3,120
and
$3,150
resistance
levels.
The
pair
even
cleared
the
$3,200
level
and
tested
$3,220.
A
high
was
formed
at
$3,224
before
there
was
a
minor
pullback.

The
price
dipped
slightly
below
the
23.6%
Fibonacci
retracement
level
of
the
upward
move
from
the
$3,051
swing
low
to
the
$3,224
high.
Currently,
the
Ethereum
price
is
trading
above
$3,150
and
the
100-hourly
Simple
Moving
Average.
On
the
upside,
the
price
seems
to
be
facing
hurdles
near
the
$3,200
level.

The
first
significant
resistance
is
near
the
$3,220
level.
The
main
resistance
is
now
forming
near
$3,250.
A
clear
move
above
the
$3,250
resistance
might
send
the
price
toward
the
$3,320
resistance.
If
it
manages
to
break
above
the
$3,320
resistance,
we
might
see
further
gains
in
the
coming
sessions.
In
such
a
scenario,
Ether
could
rise
toward
the
$3,450
resistance
zone.

However,
if
Ethereum
fails
to
clear
the
$3,220
resistance,
it
could
initiate
another
decline.
The
initial
support
on
the
downside
is
near
the
$3,140
level,
followed
by
major
support
near
the
$3,050
zone.
If
the
price
slips
below
the
$3,050
support,
it
might
push
toward
$3,000.
Any
further
losses
might
send
the
price
toward
the
$2,940
support
level
in
the
short
term,
with
the
next
key
support
sitting
at
$2,880.

Hourly
MACD
indicators
show
that
the
MACD
for
ETH/USD
is
gaining
momentum
in
the
bullish
zone,
while
the
RSI
for
ETH/USD
is
now
above
the
50
zone.
This
indicates
that
the
market
sentiment
is
currently
bullish.

In
conclusion,
Ethereum’s
current
situation
presents
a
complex
but
potentially
favorable
picture
for
investors
and
traders.
The
coming
days
will
be
critical
in
determining
whether
Ethereum
can
overcome
its
resistance
and
reach
new
highs
or
if
it
will
fall
back
to
lower
support
levels.