Ethereum price continued to climb and broke the USD 3,000 resistance. ETH is still showing positive signs and could extend gains to $3,120.
- Ethereum extended its rally above the USD 2,980 and USD 3,000 levels.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise towards the $3,120 resistance zone.
Ethereum Price Extends Rally
Ethereum price formed a base above the USD 2,850 level and started rising again. ETH managed to break the $2,920 resistance zone and outperformed Bitcoin. Ultimately, the price climbed above the $3,000 mark.
A new multi-week high is forming near USD 3,032 and the price is now consolidating gains. Ether is steady near the 23.6% Fib retracement level from the recent rise from the $2,876 swing low to the $3,032 high. There is also a major bullish trendline forming with support at $2,950 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is near the $3,040 level. The first major resistance is around the $3,065 level. The next major resistance is near USD 3,120, above which the price could rise and test the USD 3,220 resistance zone.
Source: ETHUSD on TradingView.com
If there is a move above the USD 3,220 resistance, Ether could even move towards the USD 3,350 resistance. Any winnings could require a $3,500 test.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,040 resistance, it could initiate a downward correction. The initial downside support is near the $2,995 level.
The first major support is near the $2,950 level and the trendline zone. It is close to the 50% Fib retracement level of the recent rise 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 USD 2,910 support could send the price towards USD 2,880 or the 100-hourly Simple Moving Average. The main support could be at $2,850. Any further losses could send the price towards the USD 2,720 level in the coming sessions.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,950
Major resistance level – $3,040
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