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Ethereum appears to be on the verge of a new leg higher than $3,200

Ethereum gained traction and was able to break through the $3,000 resistance level. Above the $3,050 barrier and the 100 hourly simple moving average, ETH remained in the green.

On the hourly chart of ETH/USD, there was a break over a couple of short-term negative trend lines at $3,000 and $3,080 throughout the rise. The pair even moved to a new yearly high of $3,190 after breaking over the $3,120 resistance mark.

The price of ether is currently consolidating gains below the $3,190 mark. There was a slight drop below the 23.6 percent Fib retracement level of the recent recovery from the swing low of $2,950 to the high of $3,190.

Source : ETHUSD on Tradingview

On the upside, there is immediate resistance near $3,160, as well as a connecting bearish trend line on the same chart. Another surge might be sparked by a clear move above the $3,160 resistance level.

The next major stumbling block is at $3,200. In the short term, a proper break over the $3,200 level could trigger a move towards the $3,350 and $3,380 levels.

Additionally, If ethereum fails to rise beyond $3,160 or $3,180, a negative correction could begin. On the downside, $3,115 serves as an initial support level. More so, The $3,080 level is the first big support.

Then, It’s around the 50% Fib retracement level of the latest recovery from the swing low of $2,950 to the high of $3,190. So, A breach below $3,080 on the downside might push the price farther lower. Lastly, The next key support is near $3,000 and the 100 hourly SMA, below which a large downside correction is possible.

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