The price of Ethereum has seen a significant surge recently, climbing above the $3,000 resistance level. This uptrend is supported by positive signs in the market, indicating a potential extension of gains towards the $3,120 mark. Ethereum’s rally has been strong, with the price surpassing key levels such as $2,980 and $3,000. Currently, ETH is trading above $3,000 and the 100-hourly Simple Moving Average, suggesting a bullish momentum in the market.
Looking at the hourly chart of ETH/USD, we can see a key bullish trend line forming with support at $2,950. This trend line indicates a strong level of support for Ethereum’s price movement. In addition, Ethereum has formed a base above the $2,850 level, signaling a bullish sentiment among traders. The recent increase in price has led ETH to clear the $2,920 resistance zone, outperforming Bitcoin in the process. The price has even climbed above the $3,000 barrier, reaching a new multi-week high near $3,032.
Currently, Ether is stable near the 23.6% Fib retracement level of the recent price increase from $2,876 to $3,032. With immediate resistance near the $3,040 level, the first major resistance is expected at $3,065. However, if the price continues to surge, the next major resistance zone lies at $3,120, beyond which Ether might rise further and test the $3,220 resistance level. In the event of a breakout above $3,220, Ethereum could rally towards the $3,350 resistance, potentially even reaching $3,500.
On the downside, if Ethereum fails to clear the $3,040 resistance, a correction might be on the horizon. Initial support is anticipated near the $2,995 level, with the first major support at $2,950 and the trend line zone. Further support could be found at the $2,910 zone, and a break below this level might lead the price towards $2,880 or the 100-hourly Simple Moving Average. The critical support level to watch is $2,850, as any additional losses could push the price towards $2,720 in the near future.
Analyzing the technical indicators, the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is currently above the 50 level. These indicators suggest a positive outlook for Ethereum’s price movement in the near term. However, it is important to note that investing in cryptocurrencies carries risks. The information provided in this article is for educational purposes only and does not constitute financial advice. Readers are advised to conduct their research before making any investment decisions and to use the information provided at their own risk.
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