Ethereum gained speed above the resistance of $3,080 against the US Dollar. The ETH price may continue to rise if it moves clear above the $3.150 resistance.
- Ethereum was well-bought and rose above the levels of $3,080 & $3,100.
- The price traded at $3,080 above the simple moving average of 100 hours.
- A key bullish trendline is emerging with support at $3,080 (data feed via Kraken).
- For the next increase to occur, both must be at least $3,130 and 3,180.
Ethereum’s Price Supported
Ethereum continued to trade well and climbed above $3,080 resistance. ETH also broke through the $3130 resistance zone, and settled well above the 100 hourly simple movement average.
The stock even soared to the $3,180 mark and reached $3,172. Recently, the price of Ether fell below $3,130. The 23.6% Fib Retracement Level of the Upward Move from $2,880 low to $3.172 high was below which Ether Price corrected.
The $3,050 support area and 100-hourly simple moving average were tested by the price. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $3,080.
Source: TradingView.com, ETHUSD
The initial resistance to the upside is located near the $3130 level. Next is the $3,170 to $3,180 level. An upward movement could be initiated if the price reaches the $3180 level. If this is the case, the ether could rise to the $3,250 mark. Next major resistance might be at the $3,280 and $3,320 levels.
The ETH Supports Dips
It could begin a downtrend correction if ethereum does not gain momentum above $3,130. The trend line and the 3,080 level provide initial support for the downside.
It is located near the level of $3,060 as well as the 100 hourly simple movement average. Next is the $3,000.25 level. The 50% Fib Retracement level is very close. This represents the upmove from the $28,80 swing low to the $3,172 high. The price may begin a new decline if it breaks below $3,025 resistance.
Technical indicators
Minutely MACD – Now, the MACD of ETH/USD has been growing in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,025
Major Resistance Level – $3,130
