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Ethereum price started a fresh increase above $3,000. ETH is now consolidating gains and might aim for more gains above $3,150.
Ethereum price managed to stay above $2,920 and started a fresh increase, like Bitcoin. ETH price gained strength for a move above the $3,000 and $3,020 resistance levels.
Recently, the price saw a downside correction from the $3,240 zone. There was a drop below the 50% Fib retracement level of the upward wave from the $2,718 swing low to the $3,240 low. However, the bulls remained active near the $2,920 zone.
Ethereum price is now trading above $3,050 and the 100-hourly Simple Moving Average. If there is another upward move, the price could face resistance near the $3,140 level. There is also a key bearish trend line forming with resistance at $3,140 on the hourly chart of ETH/USD.
The next key resistance is near the $3,200 level. The first major resistance is near the $3,250 level. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
If Ethereum fails to clear the $3,140 resistance, it could start a fresh decline. Initial support on the downside is near the $3,050 level. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward the $2,950 support. Any more losses might send the price toward the $2,920 region and the 61.8% Fib retracement level of the upward wave from the $2,718 swing low to the $3,240 low. The next key support sits at $2,840 and $2,820.
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 $3,050
Major Resistance Level $3,140