Ethereum price started a consolidation phase near the $3,000 zone. ETH is slowly moving higher and might aim for a fresh surge above $3,220.

• Ethereum is consolidating and facing hurdles near $3,220.
• The price is trading above $3,150 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $3,220 resistance zone.

Ethereum Price Faces Hurdles

Ethereum price remained supported above the $3,000 level like Bitcoin. ETH formed a base and recently moved above the $3,120 and $3,150 resistance levels.

There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even cleared the $3,200 level and tested $3,220. A high was formed at $3,224 before there was a pullback. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high.

Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,200 level.

The first major resistance is near the $3,220 level. The main resistance is now forming near $3,250. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,140 level or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high. The first major support sits near the $3,050 zone.

A clear move below the $3,050 support might push the price toward $3,000. Any more losses might send the price toward the $2,940 support level in the near term. The next key support sits at $2,880.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,140

Major Resistance Level – $3,220

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President-elect Donald Trump is discussing pro-crypto personnel appointments with Brian Armstrong, CEO of Coinbase. His social media firm, Trump Media, is also in talks to purchase Bakkt, a crypto exchange.

Bakkt’s stock price shot up dramatically since these talks, and Armstrong previously recommended that Trump appoint “Crypto Mom” Hester Peirce as the new SEC Chair.

Trump, Bakkt, and Armstrong

Trump Media, the President-elect’s social media and technology company, is currently in talks to purchase Bakkt, a crypto exchange. Bakkt’s prominence in the industry peaked years ago, and was subsequently described as a “marginal player in the space.” Earlier this year, it publicly considered sale or breakup options. Since this offer, however, its stock price has soared.

Although Donald Trump has been pursuing a comprehensive set of pro-crypto changes to US institutions, these actions fall under his political career. As a businessman and private citizen, his interest hasn’t extended to crypto investments since the lackluster presale of World Liberty Financial (WLFI). A Bakkt purchase could bring Trump fresh skin in the game.

However, the world of crypto exchanges is touching his policy outlook at the same time. Specifically, Coinbase CEO and Founder Brian Armstrong is also meeting with the President-elect today. Armstrong and Trump are reportedly discussing personnel appointments for the upcoming administration.

A clear industry insider, Armstrong has a vested interest in friendly policy outcomes for crypto. Throughout the election cycle, Coinbase spent tens of millions boosting pro-crypto candidates at multiple levels. Since Trump’s victory, Armstrong has made several supportive comments, praising Elon Musk’s D.O.G.E. and suggesting a new post-Gensler SEC Chair:

“Hester Peirce would be the best choice. Smart, fair, professional. Can work with both sides,” Armstrong claimed.

“Crypto Mom” Hester Peirce is one of the five sitting SEC Commissioners, and one of two appointed by Trump. Gensler’s impending ouster has sparked a flurry of prediction market speculation about who will succeed him. If Armstrong has not changed his opinion since originally recommending her, these talks could substantially increase Peirce’s chances.