Ethereum price is moving higher above the USD 3,080 resistance zone. ETH could gain bullish momentum if there is a close above the USD 3,150 resistance.
- Ethereum is slowly rising above the USD 3,050 level.
- The price is trading above USD 3,050 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above the $3,150 resistance zone.
Ethereum price can extend gains above USD 3,150
Ethereum price extended its recovery wave above the USD 3,000 resistance zone. ETH even climbed above the USD 3,050 resistance. There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD.
The pair even peaked above the USD 3,110 resistance, outperforming Bitcoin. It tested the $3,150 resistance zone. A high was reached at $3,149 and the price is now consolidating gains. There was a small decline below $3,120. The price tested the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high.
Ethereum is now trading above $3,050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $3,120 level.
The first major resistance is around the $3,150 level. The next major hurdle is near the USD 3,220 level. A close above the USD 3,220 level could send Ether towards the USD 3,320 resistance. The next major resistance is near USD 3,400. An upside break above the USD 3,400 resistance could send the price higher towards the USD 3,500 resistance zone in the coming days.
Another drop in ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. Initial downside support is near $3,080. The first major support is near the $3,020 zone and the 50% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high.
A clear move below the USD 3,020 support could push the price towards USD 2,955. Any further losses could send the price towards the USD 2,880 support level in the near term.
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 zone.
Major support level – $3,020
Major resistance level – $3,150
