Ethereum, like Bitcoin, rose above $3,180 after Powell’s statements. According to technical analysis by NewsBTC’s Aayush Jindal, ETH price must surpass $3,250 for it to continue rising in the short term.
Ethereum Targets Rise
Ethereum started a decent rise above the $3,150 resistance area after Fed Chairman Powell’s statements. Although the upward move gained momentum, the bears were active near the $3,250 level. A local top was formed around $3,264 and the price is now consolidating gains. 23% of the recent rise from $2.931 to $3.264. It is trading well above the 6 Fib retracement level.
Besides, there is a key bullish trend line forming with support near $3,190 on the hourly chart of ETH/USD. Ethereum is now trading above $3,200 and the 100 hourly simple moving average.
3. The $250 Level Is Important
An immediate resistance is near the $3,250 level. A clear move above the $3.250 level could lead to a massive upside break in the near term. The next major resistance is near the $3,330 level, above which ETH price could test $3,400. Any further gains could send the price towards the $3,550 level in the near term.
Will Ethereum Drop?
Jindal says that if Ethereum fails to start a fresh rise above the $3,250 level, it could start another decline. According to him, the first support is near the $3,200 level.
An initial key support is now forming near the $3,190 level and the trend line. 3. A downside break below the $190 level might trigger a fresh decline. In the stated case, the price could test the $3,100 support zone. This is close to the 50% Fib retracement level of the recent rise from the $2,931 high to $3,264 high.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is above the 50 level.
- Main Support Level – $3,190
- Main Resistance Level – $3.250