Key Takeaways:
Ethereum started a consolidation phase below the $3,380 resistance zone. ETH/USD is trading inside a short-term contracting triangle with resistance at $3,250 on the daily chart. The price must stay above the $3,000 support to start a fresh increase.Ethereum (ETH) is struggling to continue above $3,250. However, if it surpasses $3,380, the price could resume its increase.
Ethereum Price Starts Consolidation
In the past few days, Ethereum has steadily increased above the $2,880 resistance zone. ETH surpassed a couple of hurdles near $3,000 to move into a positive zone. However, the upsides were limited compared to Bitcoin, XRP, and Solana.
The price spiked above the 61.8% Fib retracement level of the downward move from the $3,975 swing high to the $2,099 low. However, the bears seem active near the $3,250 and $3,380 levels.
Ethereum price daily chart | Source: ETH/USD on TradingView.comEthereum is now trading well above the 50-day simple moving average (blue) and is currently consolidating gains. There was a minor pullback, and the price tested the $3,000 support.
It is now trading inside a short-term contracting triangle with resistance at $3,250 on the daily chart. Immediate support on the downside is near the $3,050 level and the triangle’s trend line. The first major support sits near the $3,000 level.
A daily close below the $3,000 level might spark bearish moves in ETH. The price could drop and test the $2,800 support in the stated case. If the bulls fail to defend the $2,800 support, Ethereum might even decline and retest the 50-day simple moving average (blue) at $2,650.
Another Increase In ETH?
Conversely, Ethereum might remain stable above $3,000 and attempt a fresh increase. On the upside, the price could face resistance near the $3,250 level. The first major resistance sits near the $3,380 level.
The next resistance is near the $3,540 level. A clear move above this level could open the doors for a move toward the $3,950 level. If ETH bulls push the price above this resistance, there could be another strong increase. In this case, the price could rise toward the $4,350 level.
Overall, Ethereum price is consolidating gains below the $3,380 resistance. ETH could start a fresh increase unless there is a daily close below $3,000 in the near term.
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