Ethereum price is outperforming Bitcoin with a move above $3,000. ETH is showing bullish signs and could climb above the USD 3,200 resistance soon.
- Ethereum started a new rise above the USD 3,000 resistance zone.
- The price is trading above USD 3,050 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rise to $3,200 or even $3,250 in the short term.
Ethereum price outperforms Bitcoin
Ethereum price held steady above the USD 2,880 support zone. ETH formed a base and started a new rise above the USD 3,000 resistance. It gained almost 5% and outperformed Bitcoin.
A new multi-week high is formed near $3,121 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high. There is also a major bullish trendline forming with support at $3,080 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,085 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is near the $3,120 level. The first major resistance is around the $3,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 3,200, above which the price could gain bullish momentum. If there is a move above the USD 3,200 resistance, Ether could even move towards the USD 3,280 resistance. Any gains could require a $3,320 test.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,120 resistance, it could start a downside correction. The initial downside support is near the $3,080 level and the trendline.
The first major support is near the $3,000 zone. It is close to the 50% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high, below which Ether could test the 100-hourly Simple Moving Average. The next major support could be the $2,960 zone. A clear move below the USD 2,960 support could send the price towards USD 2,920. Any further losses could send the price towards the USD 2,860 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,000
Major resistance level – $3,120
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