Ethereum price is surpassing Bitcoin by over $3,000. ETH is showing bullish signs and may soon break above the $3,200 resistance level.
- Ethereum started a new rally above the $3,000 resistance zone.
- The price is trading above $3,050 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 $3,080.
- In the short term, it could extend the upside to $3,200 or even $3,250.
Ethereum price surpasses Bitcoin
Ethereum price remained stable above the $2,880 support zone. ETH formed a base and started a new rise above the $3,000 resistance. It rose nearly 5% and outperformed Bitcoin.
A new multi-week high was formed near $3,121 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the bullish wave from the $2,907 swing low to the $3,121 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,080.
Ethereum is currently trading above $3,085 and the 100-hour simple moving average. Immediate upside resistance is near the $3,120 level. The first major resistance is near the $3,150 level.
Source: ETHUSD on TradingView.com
The next major resistance level is near $3,200, above which the price could gain upward momentum. A move above the $3,200 resistance may cause Ethereum to rebound towards the $3,280 resistance. A test of $3,320 may be needed for further gains.
Are dips supported on ETH?
If Ethereum fails to clear the resistance at $3,120, a downward correction could begin. Initial support for the downside is near the $3,080 level and trendline.
The first major support is near $3,000. This is close to the 50% Fib retracement level of the upward wave from the $2,907 low to the $3,121 high. Below this level, Ether may test the 100-hour simple moving average. The next major support could be the $2,960 zone. A clear decline below the $2,960 support could lead the price towards $2,920. Any more losses could push the price down to the $2,860 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,000
Key Resistance Level – $3,120
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