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Ethereum price started to rise again above the USD 3,000 resistance. ETH is up over 10% and is now approaching the key $3,250 mark.
- Ethereum started a new rise above the USD 2,880 resistance zone.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- A new bullish trendline is 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 overcomes the USD 3,250 resistance.
Ethereum price regains momentum
The price of Ethereum, like Bitcoin, started to rise again above the USD 2,750 resistance. ETH was able to climb above the USD 2,880 and USD 3,000 resistance levels to move further into a positive zone.
Over the past few sessions, it even rose above the USD 3,120 level. It is up over 10% and there was a move above $3,150. A high is formed at $3,249 before a small 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 around 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. A new bullish trendline is also forming with support at $3,120 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,200 level. The first major resistance is around the $3,250 level. The main resistance is now forming around $3,300. A clear move above the USD 3,300 resistance could send the price towards the USD 3,350 resistance.
An upside break above the USD 3,420 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,500 resistance zone.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could initiate a downward correction. The initial downside support is near the $3,150 level. The first major support is near the $3,120 zone and the trendline.
A clear move below the USD 3,120 support could push the price towards USD 3,080. Any further losses could send the price towards the USD 3,050 support level in the near term. The next major support is $3,000.
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 – $3,120
Major resistance level – $3,250
