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Ethereum price started a fresh increase above the $3,000 resistance. ETH is up over 10% and now approaches the key barrier at $3,250.
- Ethereum started a fresh surge above the $2,880 resistance zone.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a new bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,250 resistance.
Ethereum Price Regains Momentum
Ethereum price started a fresh increase above the $2,750 resistance like Bitcoin. ETH was able to climb above the $2,880 and $3,000 resistance levels to move further into a positive zone.
It even surged above the $3,120 level in the past few sessions. It is up over 10% and there was a move above $3,150. A high is formed at $3,249 before there was a minor pullback. There was a move below the 50% Fib retracement level of the upward move from the $3,020 swing low to the $3,249 high.
However, the bulls were active near the $3,080 level and the 76.4% Fib retracement level of the upward move from the $3,020 swing low to the $3,249 high. Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. There is also a new bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,200 level. The first major resistance is near the $3,250 level. The main resistance is now forming near $3,300. A clear move above the $3,300 resistance might send the price toward the $3,350 resistance.
An upside break above the $3,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120 zone and the trend line.
A clear move below the $3,120 support might push the price toward $3,080. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,120
Major Resistance Level – $3,250
