Ethereum price started a new increase above $2.920. ETH is now trying to clear the USD 3,050 resistance and could accelerate higher.
- Ethereum started a new increase above the USD 2,920 and USD 2,950 levels.
- The price is trading above USD 2,950 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trendline with resistance at $2,825 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,050 zone.
Ethereum price eyes upside breakout
The Ethereum price managed to stay above $2,720 and started a new increase, just like Bitcoin. ETH price gained strength thanks to a move above the USD 2,850 and USD 2,880 resistance levels.
There was a break above a short-term bearish trendline with resistance at $2,825 on the hourly chart of ETH/USD. The bulls even pumped the price above $2,950. However, the price is now testing a key barrier at $3,050. A high was reached at $3,047 and the price is now consolidating above the 23.6% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $3,050 level.
The next major resistance is near the $3,080 level. The first major resistance is around the $3,120 level. A clear move above the USD 3,120 resistance could send the price towards the USD 3,200 resistance. An upside break above the $3,200 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,350 or even USD 3,380 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,050 resistance, it could trigger another decline. The initial downside support is near the $2,970 level. The first major support is near the $2,880 zone or the 50% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.
A clear move below the USD 2,840 support could push the price towards the USD 2,800 support. Any further losses could send the price towards $2,750 in the short term. The next major support is at USD 2,720 and USD 2,710.
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 – $2,970
Major resistance level – $3,050