Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance.
- Ethereum started a major increase and even settled above the $3,000 level.
- The price is now trading above $3,100 and the 100 hourly simple moving average.
- There was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now facing hurdle near $3,200, above which it could accelerate further higher.
Ethereum Price Eyes More Gains
Ethereum gained pace and was able to settle above the key $3,000 resistance zone. ETH remained in a positive zone above the $3,050 level and the 100 hourly simple moving average.
During the increase, there was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD. The pair even broke the $3,120 resistance level and traded to a new yearly high at $3,190.
Ether price is now consolidating gains below the $3,190 level. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $2,950 swing low to $3,190 high.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3,160 level and a connecting bearish trend line on the same chart. A clear move above the $3,160 resistance could spark another increase. The next major hurdle is near the $3,200 level. A proper break above the $3,200 level might start a move towards the $3,350 and $3,380 levels in the near term.
Dips Limited in ETH?
If ethereum fails to continue higher above $3,160 or $3,180, it could start a downside correction. An initial support on the downside is near the $3,115 level. The first major support is near the $3,080 level.
It is near the 50% Fib retracement level of the recent rally from the $2,950 swing low to $3,190 high. A downside break below the $3,080 level might push the price further lower. The next major support is near the $3,000 level and the 100 hourly SMA, below which there is a risk of a major downside correction.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $3,080
Major Resistance Level – $3,200
