Ethereum Surges Above $3,200 as Traders Eye a Stronger Bullish Extension
Overview
Ethereum has witnessed a significant price increase, surpassing the $3,120 mark. The cryptocurrency is currently attempting to break through the $3,250 resistance level, which could lead to further upward momentum.
Price Movement and Current Trends
Ethereum’s price began a fresh increase after maintaining stability above $2,880. It successfully moved past crucial resistance levels at $2,950 and $3,000. Following this upward trajectory, ETH climbed above $3,120 and is now trading above the 100-hourly Simple Moving Average.
A bullish trend line is forming with support situated at the $3,120 level on the hourly chart of ETH/USD. Currently, the price is testing the critical barrier at $3,250. A recent high was recorded at $3,239, and the price is consolidating above the 23.6% Fibonacci retracement level from the recent move between the $2,718 swing low and the $3,239 high.
Should Ethereum successfully settle above the $3,250 mark, it could continue to rise, facing resistance near the $3,265 level, followed by a significant resistance at $3,320. A clear breakout above this level might propel the price toward the $3,450 region, with potential further gains towards $3,500 or even $3,540 in the near term.
Conversely, if Ethereum fails to clear the $3,250 resistance, a decline could ensue. Initial support is found near the $3,160 level, with major support at $3,120 and the trend line. A drop below $3,120 could lead to further declines toward the $3,050 support level, possibly reaching down to $2,980 and the 50% Fibonacci retracement level.
Impact on the crypto market
- Ethereum’s rise above key resistance levels could signal increased interest and investment in the cryptocurrency market.
- A potential breakout above $3,250 may encourage bullish sentiment among traders, possibly affecting other cryptocurrencies.
- Continued upward movement could lead to higher trading volumes and increased market activity.
- A failure to surpass the $3,250 resistance may result in a correction, influencing market sentiment negatively.
- The establishment of new support levels may provide a foundation for future price movements in Ethereum.
Updated: 12/4/2025, 4:34:13 AM
