Ethereum price rose further and broke the $3,000 resistance line. ETH is still showing positive signs and may extend its gains to $3,120.
- Ethereum continued its upward trend above the $2,980 and $3,000 levels.
- The price is trading above $3,000 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $2,950.
- The pair may continue to rise towards the $3,120 resistance zone.
Ethereum price rally extends
Ethereum price established a base above the $2,850 level and began another rise. ETH broke through the $2,920 resistance zone and outperformed Bitcoin. The price finally broke the $3,000 barrier.
A new multi-week high was made near $3,032 and the price is currently on an upward trend. Ethereum is stable near the 23.6% Fib retracement level, having recently increased from the $2,876 swing low to the $3,032 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,950.
Ethereum is currently trading above $3,000 and the 100-hour simple moving average. Immediate upside resistance is near the $3,040 level. The first major resistance is near the $3,065 level. The next major resistance is near $3,120, above which the price could rise to test the $3,220 resistance area.
Source: ETHUSD on TradingView.com
If there is a move above the $3,220 resistance, Ethereum may rebound towards the $3,350 resistance. A test of $3,500 may be needed to see more profits.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $3,040 resistance, a downward correction could begin. Initial support for the downside is near the $2,995 level.
The first major support is near the $2,950 level and trendline area. It is close to 50% of the Fib retracement level, which recently increased from the $2,876 swing low to the $3,032 high. The next major support could be the $2,910 zone. A clear move below the $2,910 support could lead the price towards $2,880 or the 100-hourly simple moving average. The main assistance amount could be $2,850. More losses could push the price towards the $2,720 level in the next session.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,950
Key Resistance Level – $3,040
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