The price of Ethereum is facing challenges below the $3,500 resistance level, while Bitcoin is experiencing gains. Ethereum is currently consolidating above $3,150 and may be gearing up for a potential breakout to the upside.

Ethereum struggled to close above the $3,400 and $3,450 marks.
Currently, the price is trading above $3,300 and the 100-hourly Simple Moving Average.
A significant contracting triangle is forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
If the pair can surpass the $3,400 resistance level, it may indicate a new upward trend.

Ethereum Price Poised for Significant Upside Movement

Ethereum’s price initiated a notable upward trajectory from the $3,200 level; however, the gains were limited compared to Bitcoin. ETH managed to break the $3,250 resistance, entering a short-term bullish zone.

The bulls successfully pushed the price above the $3,300 resistance zone. Additionally, there was a clear breach above the 50% Fibonacci retracement level of the previous downward move from the $3,445 swing high to the $3,203 low. Despite these advancements, bearish pressure remains beneath $3,400.

At present, Ethereum’s price is above $3,300 and the 100-hourly Simple Moving Average. Resistance is evident around the $3,350 level and the 61.8% Fibonacci retracement level, posing challenges for further price movement.

A crucial contracting triangle with resistance at $3,355 is taking shape on the hourly ETH/USD chart. The primary resistance levels are expected near $3,400 and $3,445.

A decisive breach above the $3,445 resistance could propel the price towards $3,550. Further upside beyond $3,550 may signal more substantial gains in the upcoming sessions, potentially targeting the $3,650 and $3,720 resistance zones in the short run.

Potential Decline in Ethereum Price

If Ethereum fails to break above the $3,400 resistance level, a downward trend could emerge. Initial support is anticipated around $3,300, followed by significant support near $3,250.

A clear drop below the $3,250 support might lead to a decline towards $3,200. Further losses could push the price to the $3,120 support level in the near future, with the next critical support positioned at $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing signs of weakening bullish momentum.

Hourly RSI – The RSI for ETH/USD is currently above the 50 threshold.

Major Support Level – $3,200

Major Resistance Level – $3,400

The post Is Ethereum Price Ready to Soar? Potential for Surge with an Upside Break appeared first on Crypto Breaking News.

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Filed under: News - @ January 22, 2025 3:36 am