Ethereum began a good healing and climbed up above $3,000 versus the United States Dollar. ETH price could accelerate higher if it clears the $3,200 resistance zone.
- Ethereum began a good upward relocation above the $3,000 and $3,050 levels.
- The price is now trading above $3,000 and near the 100 hourly simple moving average.
- There was a break above a significant bearish pattern line with resistance near $2,950 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could continue to rise if it clears $3,135 and $3,200 in the near term.
Ethereum Price Is Rising
Ethereum formed an assistance base above the $2,650 and began a consistent healing wave. ETH broke the $2,800 resistance zone and gained pace, similar to bitcoin.
There was likewise a break above a significant bearish pattern line with resistance near $2,950 on the per hour chart of ETH/USD. The pair surpassed the 76.4% Fib retracement level of the key decline from the $3,105 swing high to $2,651 swing low.
The rate is now trading above $3,000 and near the 100 per hour easy moving average. An immediate resistance on the upside is near the $3,135 level. The initially significant resistance is near the $3,200 level. It is close to the 1.236 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low.
A close above the $3,200 resistance could press the rate even more greater. The next major resistance might be near the $3,400 level. It represents the 1.618 Fib extension level of the essential decrease from the $3,105 swing high to $2,651 swing low. An intermediate resistance may be near the $3,320 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,135 and $3,200 resistance levels, it could start a downside correction. An preliminary assistance on the drawback is near the $3,050 level.
The next major support seems to be forming near the $3,000 level. A disadvantage break listed below the $3,000 assistance zone could lead the rate towards the $2,800 zone. The next major support is near the $2,650 level, below which ether price might decline towards the $2,500 region in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually acquiring speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,200
