Ethereum Eyes Key Upside Break, $3K Holds The Key
Ethereum extended gains above the USD 3,050 resistance against the US dollar. In fact, ETH price climbed above USD 3,150 and it could attempt a breach above USD 3,200.
Ethereum gained pace and was able to clear the USD 3,120 resistance. The price is now trading above the $3,050 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $3,050 on the ETH/USD hourly chart (data feed via Kraken). The pair could extend if it stays above the $3,000 support zone.
Ethereum price eyes more profit
Ethereum remained well supported above the $3,000 level and the 100 hourly simple moving average. ETH extended gain above the $3,050 resistance zone.
It even broke the USD 3,120 resistance and traded towards a new high at USD 3,196. It is now consolidating gains and trading below the USD 3,150 level. Ether also tested the 23.6% Fib retracement level from the recent rise from the $2,832 swing low to $3,196 high.
However, the price is above $3,050 and the 100 hourly simple moving average. A major bullish trendline is also forming with support near $3,050 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $3,150 level. The first major resistance is near the $3,180 level. The main resistance is near the $3,200 level. A successful close above $3,200 could spark another rise. In the mentioned case, the price could test the next major hurdle at $3,250. More gains could send the price towards the $3,320 level.
Dips supported in ETH?
If ethereum fails to initiate a fresh rise above USD 3,150 or USD 3,180, it could initiate a downside correction. An initial support on the downside is near the $3,110 level. The next major support is near the $3,050 level and the trendline.
The 50% Fib retracement level from the recent rise from the $2,832 swing low to $3,196 high is also just below the trendline and 100 hourly simple moving average. A downward breach below the trendline support could push the price towards the $3,000 level. More losses may require a move towards $2,880.
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,050
Major Resistance Level – $3,180