Ethereum Price Pullbacks Fail to Scare Buyers, Momentum Tells a Story

A clear move above the $3,265 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $3,250 resistance, it could start a fresh decline. Initial support on the downside is near the $3,200 level or the 50% Fib retracement level of the recent increase from the $3,134 swing low to the $3,264 high.

The first major support sits near the $3,185 zone and the trend line. A clear move below the $3,185 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 region.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,185

Major Resistance Level – $3,250

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