Ethereum Price Revival: What The Signs Say About Its Next Move -

Ethereum Price Revival: What The Signs Say About Its Next Move

Jan 24, 2025Jeremy ParkinsonFinance0

Ethereum price is consolidating above the $3,180 support. ETH must clear the $3,350 resistance zone to start a fresh increase in the near term.

Ethereum started a fresh increase from the $3,180 support zone.

The price is trading above $3,250 and the 100-hourly Simple Moving Average.

There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start another increase if it stays above the $3,220 support level.

Ethereum Price Breaks ResistanceEthereum price started a decent upward move from the $3,180 level, beating Bitcoin. ETH was able to surpass the $3,220 and $3,250 resistance levels.There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair even surpassed $3,300 and tested $3,350. A high was formed at $3,346 and the price is now moving lower. There was a move below the $3,320 and $3,300 support levels.The price dipped below the 23.6% Fib retracement level of the upward move from the $3,181 swing low to the $3,346 high. Ethereum price is now trading above $3,250 and the 100-hourly Simple Moving Average.On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,370 level. The main resistance is now forming near $3,450. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,580 in the near term.
Another Decline In ETH?If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,260 level. The first major support sits near the $3,220.A clear move below the $3,220 support might push the price toward the $3,180 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 zone.Major Support Level – $3,250Major Resistance Level – $3,350More By This Author:XRP Price Dips Back To Support: Consolidation Or Breakdown Ahead?Is A U.S. Bitcoin Reserve Priced In?Ethereum Bears Emerge: Is a Deeper Pullback Coming?