Ethereum (ETH) Price Outperforms Bitcoin (BTC), Targets $3,320 Resistance

Ethereum price extended its recovery wave above the $3,050 resistance zone. ETH even climbed above the $3,150 resistance. Finally, there was a spike above the $3,200 resistance

Ethereum price soared on Monday, outperforming Bitcoin and other major cryptocurrencies with a strong increase of over 7%. After breaking through several resistance levels, ETH encountered a minor setback but remained well-supported above $3,000.

Ethereum’s price recovery faced resistance at the $3,220 level, forming a high at $3,213 before correcting gains. A minor decline brought the price down to $3,140, testing the 50% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.

However, ETH quickly recovered, trading above $3,080 and the 100-hourly Simple Moving Average. A connecting bullish trend line is also forming, with support at $3,070 on the hourly chart of ETH/USD.

On the upside, resistance is encountered at $3,140, followed by the first major hurdle at $3,200. A close above this level could lead to further gains toward $3,220. If this resistance is breached, ETH might aim for $3,320.

The next key resistance is at $3,440, and a breakout above this level could pave the way for a rally toward $3,550 in the coming days.

If Ethereum fails to clear the $3,140 resistance, it could begin another decline. Initial support is at $3,070 and the trend line, followed by the first major support at $3,000 and the 61.8% Fib retracement level.

A clear move below the $3,000 support might push the price toward $2,970, with further declines targeting $2,895. The next key support level is at $2,820.

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

Hourly RSI – The RSI for ETH/USD is now below the 50 zone, indicating a slight bearish divergence.

Major Support Level – $3,070

Major Resistance Level – $3,200

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