Ethereum remained well bid above the $2,950 support against the US Dollar. ETH price started a fresh increase and it could even surpass the $3,300 resistance.
- Ethereum started a fresh increase above the $3,120 and $3,200 resistance levels.
- The price is now trading above $3,150 and the 100 hourly simple moving average.
- There was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate higher if there is a clear break above $3,260.
Ethereum Price Turns Green
Ethereum remained well bid above the $2,950 support zone, similar to bitcoin near $44,000. ETH price formed a base above $2,950 and it started a fresh increase.
There was a clear break above the $3,000 and $3,050 resistance levels. The price rallied above the 50% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. Ether even settled above the $3,150 level and the 100 hourly simple moving average.
Besides, there was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD. The pair is now trading above the $3,200 resistance.
Source: ETHUSD on TradingView.com
On the upside, an initial resistance is near the $3,245 level. It is near the 76.4% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. The first key resistance is now forming near the $3,260 level. A break above the $3,260 zone could lift the price towards the $3,330 resistance. Any more gains may possibly call for a move towards the $3,500 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,245 and $3,260 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,165 level.
The key support is now forming near the $3,150 zone and the 100 hourly simple moving average. A downside break below the $3,150 support zone could initiate a larger decline. The next major support could be $3,120, below which the bears might aim a retest of $3,000 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $3,150
Major Resistance Level – $3,330
Ethereum remained nicely bid above the $2,950 help towards the US Greenback. ETH value began a recent enhance and it might even surpass the $3,300 resistance.
- Ethereum began a recent enhance above the $3,120 and $3,200 resistance ranges.
- The value is now buying and selling above $3,150 and the 100 hourly easy transferring common.
- There was a break above an important bearish pattern line with resistance close to $3,150 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair might speed up increased if there’s a clear break above $3,260.
Ethereum Value Turns Inexperienced
Ethereum remained nicely bid above the $2,950 help zone, just like bitcoin close to $44,000. ETH value fashioned a base above $2,950 and it began a recent enhance.
There was a transparent break above the $3,000 and $3,050 resistance ranges. The value rallied above the 50% Fib retracement stage of the principle decline from the $3,335 swing excessive to $2,950 low. Ether even settled above the $3,150 stage and the 100 hourly easy transferring common.
Moreover, there was a break above an important bearish pattern line with resistance close to $3,150 on the hourly chart of ETH/USD. The pair is now buying and selling above the $3,200 resistance.
Supply: ETHUSD on TradingView.com
On the upside, an preliminary resistance is close to the $3,245 stage. It’s close to the 76.4% Fib retracement stage of the principle decline from the $3,335 swing excessive to $2,950 low. The primary key resistance is now forming close to the $3,260 stage. A break above the $3,260 zone might carry the worth in the direction of the $3,330 resistance. Any extra good points might probably name for a transfer in the direction of the $3,500 stage.
Dips Restricted in ETH?
If ethereum fails to proceed increased above the $3,245 and $3,260 resistance ranges, it might begin a recent draw back correction. A direct help on the draw back is close to the $3,165 stage.
The important thing help is now forming close to the $3,150 zone and the 100 hourly easy transferring common. A draw back break under the $3,150 help zone might provoke a bigger decline. The following main help might be $3,120, under which the bears may intention a retest of $3,000 within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining tempo within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now nicely above the 60 stage.
Main Help Degree – $3,150
Main Resistance Degree – $3,330
