Ethereum is holding above the $3,200 level after a recent rally peaked near $3,448, with technical indicators pointing to potential for continued upside. The cryptocurrency faces immediate resistance at $3,320, while a bullish trend line has formed with support at $3,180 on the hourly chart.
What Happened: Technical Recovery
ETH price surged from a swing low of $2,914 to reach $3,448 before encountering selling pressure below the $3,450 zone.
The subsequent correction pushed the price below $3,250 and through the 50% Fibonacci retracement level of the recent upward wave.
Support emerged near $3,150, preventing further declines.
The price now trades above both $3,200 and the 100-hour simple moving average, with a connecting bullish trend line providing additional technical support at $3,180.
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Why It Matters: Market Positioning
A clear break above the $3,350 resistance level could open the path toward $3,400 and potentially $3,500 in the near term.
The hourly MACD is gaining momentum in bullish territory, while the RSI has moved above the 50 level, suggesting strengthening upward pressure.
Failure to clear $3,320 resistance could trigger another decline toward the $3,150 support zone. A breakdown below that level would expose the $3,040 and $3,020 support areas, with major technical support sitting at $3,000.
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