Ethereum price started a fresh rise above the USD 2,720 resistance. ETH is up over 10% and is now approaching the key $3,000 mark.
- Ethereum started a new rise above the USD 2,720 resistance zone.
- The price is trading above USD 2,750 and the 100-hourly Simple Moving Average.
- A new connecting bullish trendline is forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,950 resistance.
Ethereum price extends its rise
Ethereum price, like Bitcoin, started to rise again above the USD 2,650 resistance. ETH was able to climb above the USD 2,720 and USD 2,750 resistance levels to move further into a positive zone.
It even rose above the USD 2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upside. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.
The Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,820 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,920 level. The first major resistance is around the $2,950 level. The main resistance is now forming around $3,000. A clear move above the USD 3,000 resistance could send the price towards the USD 3,120 resistance.
An upside break above the USD 3,120 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,250 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the USD 2,950 resistance, it could initiate a downward correction. The initial downside support is near the $2,850 level. The first major support is near the $2,820 zone and the trendline.
A clear move below the USD 2,820 support could push the price towards USD 2,720. Any further losses could send the price towards the USD 2,650 support level in the near term. The next major support is at USD 2,550.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,820
Major resistance level – $2,950
