Next Bullish Levels Traders Should Watch For
Ethereum gained bullish momentum and cleared the $3,000 resistance against the US dollar. The ETH price is rising but may face hurdles near the $3,200 level.
Ethereum found support and started a strong rally above the $3,000 level. The price is now trading above $3,000 and the 100 hourly simple moving average. There was a break above a key bearish trendline with resistance near USD 3,010 on the ETH/USD hourly chart (data feed via Kraken). The pair could accelerate higher, but the $3,200 barrier could prevent additional gains.
Ethereum price claims $3K
Ethereum provided a basis for fresh gains above the USD 2,800 resistance zone. ETH was able to surpass many hurdles near the $2,880 and $3,000 levels.
It even crossed the $3,000 resistance and the 100 hourly simple moving average. Recently, there was a break above a major bearish trendline with resistance near USD 3,010 on the ETH/USD hourly chart. The pair is now rising and trading above the USD 3,050 level.
It highs near $3,089 and the price could continue to climb. Ether is trading well above the 23.6% Fib retracement level from the upward move from the $2,952 swing low to $3,089 high.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the USD 3,120 level. A clear move above the USD 3,120 resistance could send the price towards a major hurdle at USD 3,200. The bears may move near the $3,200 level. If they fail, ether price could perhaps climb towards the $3,420 level in the near term.
Dips limited in ETH?
If ethereum does not continue above USD 3,120 or USD 3,200, it could trigger a downside correction. An initial support on the downside is near the $3,040 level. The first major support is near the $3,020 level.
It is near the 50% Fib retracement level of the upward move from the $2,952 swing low to $3,089 high. A downward breach below the $3,020 level could push the price further. The next major support is near the $2,920 level and the 100 hour SMA, below which there is a risk of a sharp decline. In the said case, the price may again be $2,800
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,020
Major Resistance Level – $3,200