The Ethereum price started a new increase above $3.000. ETH is now consolidating gains and could target more gains above $3,150.
- Ethereum started a new increase above the USD 3,000 and USD 3,020 levels.
- The price is trading above USD 3,050 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,150 zone.
Ethereum price looks for additional gains
The price of Ethereum managed to stay above $2,920 and started a new increase, just like Bitcoin. ETH price gained strength thanks to a move above the USD 3,000 and USD 3,020 resistance levels.
Recently, the price experienced a downward correction from the $3,240 zone. There was a decline below the 50% Fib retracement level of the upwave from the $2,718 swing low to the $3,240 low. However, the bulls remained active near the $2,920 zone.
Ethereum price is now trading above $3,050 and the 100-hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $3,140 level. There is also a major bearish trendline forming with resistance at $3,140 on the hourly chart of ETH/USD.
The next major resistance is near the $3,200 level. The first major resistance is around the $3,250 level. A clear move above the USD 3,250 resistance could send the price towards the USD 3,320 resistance. An upside break above the $3,320 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,450 or even $3,500 in the short term.
Another negative correction in ETH?
If Ethereum fails to clear the USD 3,140 resistance, it could trigger another decline. The initial downside support is near the $3,050 level. The first major support is near the $3,000 zone.
A clear move below the USD 3,000 support could push the price towards the USD 2,950 support. Any more losses could send the price towards the $2,920 region and the 61.8% Fib retracement level of the upwave from the $2,718 swing low to the $3,240 low. The next major support is at USD 2,840 and USD 2,820.
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 zone.
Major support level – $3,050
Major resistance level – $3,140