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The price of Ethereum has maintained its gains above the $3,120 resistance level. There’s potential for ETH to experience a rally in the near future if it manages to surpass the $3,280 resistance zone.Ethereum has continued its upward movement beyond the $3,220 resistance level, with the price trading above $3,165 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD from Kraken, a significant bullish trend line is forming with support at $3,170. The pair might see further upward momentum if it manages to <a href="https://cryptosheadlines.com/polkadot-dot-surges-to-7-day-high-bulls-eye-resistance-break/" rel="noopener noreferrer nofollow">break above the $3,280 resistance</a> zone.<h2 id="header-0">Ethereum Price Analysis: Upside Potential and Key Levels</h2>Ethereum’s price has maintained a positive trajectory above the $3,000 mark, mirroring Bitcoin’s performance. ETH saw further gains, surpassing resistance levels at $3,150, $3,165, and even spiking above $3,250.The cryptocurrency reached a new weekly high at $3,263 before experiencing a minor correction. It briefly dipped below the $3,220 level and the 50% Fibonacci retracement level of the recent upward wave from $3,154 to $3,263.However, bullish activity emerged above the $3,200 level, with the 61.8% Fibonacci retracement level acting as a support. <a href="https://cryptosheadlines.com/binance-introduces-zero-fee-bitcoin-and-ethereum-trading/" rel="noopener noreferrer nofollow">Ethereum is currently trading</a> above $3,200 and the 100-hourly Simple Moving Average, with a key bullish trend line forming at $3,170 on the ETH/USD hourly chart.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines9.webp?resize&#61;640%2C288&amp;ssl&#61;1" />Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a>Immediate resistance is anticipated near the $3,250 level, followed by a major barrier at $3,280. The next significant resistance level lies at $3,350, above which Ethereum could gain momentum towards $3,500.A breakthrough above $3,500 could pave the way for Ethereum to test the $3,550 resistance, potentially leading to a push towards $3,750. Beyond this point, Ether may <a href="https://cryptosheadlines.com/polkadot-price-breaks-key-resistance-7-target-ahead/" rel="noopener noreferrer nofollow">target the $3,880 resistance zone in the days ahead</a>.<h2 id="header-1">Ethereum Price Analysis: Potential Downside Scenarios</h2>If Ethereum fails to surpass the $3,280 resistance level, a downside correction may be imminent. Initial support is expected near the $3,200 level, with the first major support zone around $3,180 and the accompanying trend line.<a href="https://cryptosheadlines.com/important-points-as-bitcoin-nears-its-next-halving/" rel="noopener noreferrer nofollow">Also Read: Important Points as Bitcoin Nears Its Next Halving</a><h3 id="strong-key-support-and-potential-pressure-points-strong">Key Support and Potential Pressure Points</h3>The primary support level stands near $3,120. A decisive move below this support could intensify selling pressure, potentially driving the price towards $3,030. Further losses might <a href="https://cryptosheadlines.com/shib-burn-jumps-850-leads-ethereum-whale-trade/" rel="noopener noreferrer nofollow">lead Ethereum</a> towards the $2,850 level in the near term.<ul><li>Hourly MACD: The MACD indicator for ETH/USD is showing signs of gaining momentum in the bullish zone.</li><li>Hourly RSI: The RSI indicator for ETH/USD is currently above the 50 level, suggesting positive momentum.</li></ul>Major support is identified at $3,120, while significant resistance remains at $3,280. These levels are crucial in determining Ethereum’s short-term price trajectory.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Ethereum Price Stays Strong at Support – Potential 5% Rally Ahead for ETH

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