Ethereum gained more than the $3,050 resistance to the US Dollar. The ETH Price climbed over $3,150. It may even break the $3,200 barrier.
- Ethereum gained momentum and was able clear the $3120 resistance.
- The current price trades above $3,050 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is support close to $3,000.
- If the pair remains above $3,000, it could see an increase in price.
Ethereum price sees more gains
Ethereum was well supported at the $3,000 and 100 hourly simple moving mean levels. ETH saw an increase of more than $3,050 above its resistance zone.
It broke through the $3120 resistance, and reached a new record of $3,196. Now, it is consolidating gains and trading below 3150. Ether tested also the 23.6% Fib level of the increase in price from $2,832 low to $3,196 high.
However, the price has risen above $3,050 as well as the 100 hourly simple moving median. The hourly chart shows ETH/USD has a strong bullish trendline with support close to $3,050.
Source: TradingView.com ETHUSD
A resistance level of around $3,150 is immediate. Near the $3,180 mark is the first significant resistance. Near the $3,200 mark is the main resistance. An increase in the market could occur if we close at or above $3,000. The price may cross the $3,250 threshold in the above scenario. The price could reach the $3320 mark with any additional gains.
What are the Dips in ETH Supported?
Ethereum could begin a downward correction if it fails to increase beyond $3,150 and $3,180. The initial support for the downside is at the $3,110 level. Next is support at the trend line, near the level of $3,050.
Also, just below both the trendline and 100 hourly simple moving median, the Fib retracement of the recent rise from the $2832 swing high to $3196 high is 50%. The price could move towards $3,000 if it breaks below the trendline support. A move to $2,880 might be necessary if there are more losses.
Technical indicators
Hourly MACD – The MACD is falling in bullish territory for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,050
Major Resistance Level – $3,180
