Ethereum price broke the $2,720 resistance level and started a new rise. ETH is up over 10% and is currently approaching the key barrier of $3,000.
- Ethereum began a new surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a new connected bullish trendline with support at $2,820.
- Clearance of the $2,950 resistance level could allow the pair to continue rising.
Ethereum price increase extends
Ethereum price, like Bitcoin, began a new rise above the $2,650 resistance line. ETH could rise above the $2,720 and $2,750 resistance levels to move further into positive territory.
It has even surged above the $2,850 level, outperforming BTC in the last few sessions. It’s up more than 10% and up more than $2,920. A high was reached at $2,955 and the price is showing signs of rising further. This is well above the 23.6% Fib retracement level from the $2,355 swing low to the $2,955 high.
Ethereum price is currently trading above $2,800 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trend line with support at $2,820.
On the other hand, the price appears to be facing a hurdle near the $2,920 level. The first major resistance is near the $2,950 level. Currently, major resistance is forming near $3,000. A clear break above the $3,000 resistance may push the price towards the $3,120 resistance.
An uptick above the $3,120 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $3,250 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the resistance at $2,950, a downward correction could begin. Initial support for the downside is near the $2,850 level. The first major support is near the $2,820 zone and trend line.
A clear break below the $2,820 support could push the price towards $2,720. More losses could push the price towards the $2,650 support level in the near term. The next major support level is $2,550.
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 area.
Key Support Level – $2,820
Key Resistance Level – $2,950