Ethereum has begun a new increase over the $3.020 area. ETH has now stabilized and could correct downwards towards the $3,040 area.
- Ethereum has started to increase again above $3,040.
- Price is nearing $3,050. The 100-hour Simple Moving Average.
- On the chart hourly of ETH/USD, there was a breakout above a trendline with resistance near $2.990 (data via Kraken).
- If the pair remains above $3,000 in the short term, it could begin a new increase.
Ethereum price extends gains above $3,000
Ethereum’s price has started to rise again above $2,880, significantly outperforming Bitcoin. ETH gained speed for a rise above $2,950 and moved into a favorable zone.
Bulls took the price to $3,050. The hourly chart for ETH/USD showed a breaking above the bearish trendline that had resistance at $2.990. It finally tested the $3150 area. The price has now settled at the $3,152 high. gains Above the 23.6% Fib level of the upward movement from the swing low $2,935 to the high $3,152.
Ethereum’s price has now risen above $3,000 as well as the Simple Moving Avg. of 100 hours. Price could be facing resistance on the upside near $3,120. Next, the price will face resistance near $3150. First major resistance near $3,220. If the price moves above $3,220, it could move towards the $3300 level.
A breakout above $3,300 could lead to more gains over the next few sessions. Ether may rise to the $3.420 or $3.450 resistance zones in the short term.
What are the downsides of ETH?
Ethereum may start a downward correction if the resistance of $3,150 is not overcome. On the downside, the initial support is located near the $3100 level. The $3,040 area is the first significant support.
If the price falls below $3,040 in a clear way, it could push toward $3,000 as a support. In the near future, any more losses may push the price to the $2950 level of support. Next key support is at $2,880.
Technical Indicators
The Hourly MACD – MACD for the ETH/USD pair is moving into a bullish area.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $3,000
Major Resistance Level – $3,150
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Source: www.newsbtc.com
