Ethereum surged above the US Dollar’s $3,050 resistance. If the price of Ethereum moves above $3,120 resistance, it could be a continuation to rise.
- Ethereum extended an upside correction over the $3,080- and $3,100 levels.
- The price traded above $3,000.50, and it is also higher than the 100 hourly moving average.
- On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance is near $3,000. (Data feed via Kraken).
- To continue climbing in the short term, they must reach $3,120 or $3,130.
Ethereum Price Continues to Recover
Ethereum established a strong base at $3,000, and began a recovery wave. ETH cleared the $3.050 resistance zone as well as the simple 100-hour moving average.
The hourly chart for ETH/USD showed a strong move above the major bearish trendline with resistance at $3,060. It traded higher than $3,080 and passed the resistance of $3,080. The price has consolidated gains and has reached a high of $3,131.
The 23.6% Fib Retracement Level of the Recent Wave from the $2880 swing low, to the $3,131 peak, has been tested by Ether. Ether is trading at above the $3,080 level and the 100-hourly simple moving average. The upside is represented by a strong resistance near the level of $3,090, and the connecting bearish trendline on the same chart.
Source: TradingView.com ETHUSD
Near the $3,120 or $3,130 levels is where you will find major resistance. In the short term, a close above $3,130 could signal a gradual upward trend. Next major resistance might be at the $3,200 and $3,220 levels.
Dips Limited to ETH
It could begin a downward correction if ethereum does not gain momentum above $3,090. The $3,080 level is the initial support for the downside.
Near the $3,040 and 100-hourly simple moving average levels is the first significant support. Near the $3,000 support level is the next major support. This is within the 50 percent Fib retracement range of the last wave, which saw the price move from $3,131 low to $2,880 high. A downside breakout below $3,000 could trigger another drop in the price.
Technical Indicators
Minutely MACD – MACD for Ethereum/USD has been losing speed in bullish zones.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $3,040
Major Resistance Level – $3,130
