BTC / USD
41,982.37
4.24%
(-1860.76)
ETH / USD
2,227.40
5.07%
(-119.05)
XRP / USD
0.62
5.89%
(-0.04)
LTC / USD
72.55
7.34%
(-5.75)
EOS / USD
0.77
6.75%
(-0.06)
BCH / USD
232.53
6.95%
(-17.36)
ADA / USD
0.55
8.2%
(-0.05)
XLM / USD
0.12
5.66%
(-0.01)
NEO / USD
11.82
8.69%
(-1.12)
XEM / USD
0.04
8.12%
(-0)
DASH / USD
32.50
7.37%
(-2.59)
USDT / USD
1.00
0.04%
(-0)
BNB / USD
242.53
0.91%
(+2.19)
QTUM / USD
3.12
8.47%
(-0.29)
XVG / USD
0.00
7.34%
(-0)
ONT / USD
0.23
6.87%
(-0.02)
ZEC / USD
30.42
8.91%
(-2.98)
STEEM / USD
0.25
6.28%
(-0.02)

Why Ethereum Could Rally Further Above $3K

0

Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone.

  • Ethereum started a major increase above the $2,750 resistance zone.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally further above $3,000 if there is no downside break below $2,850.

Ethereum Price Remains Supported

Ethereum started a major increase above the $2,750 and $2,850 resistance levels. ETH even cleared the $2,880 resistance level and the 100 hourly simple moving average to move into a positive zone.

Finally, there was a move above the $3,000 level. A high was formed near $3,042 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent wave from the $2,559 swing low to $3,042 high.

There is also a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD. On the upside, ether price is facing resistance near the $3,020 level.

Source: ETHUSD on TradingView.com

The first major resistance is seen near the $3,040 and $3,050 levels. A clear move above the $3,050 level might open the doors for more gains. In the stated case, the price may possibly rise towards the $3,120 level. The next major resistance is now near the $3,200 level. Any more gains might send the price towards the $3,320 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,050 resistance, it could start a downside correction. An initial support on the downside is near the $2,980 level. The next major support is near the $2,960 level and the trend line.

A downside break below the $2,960 support could push the price towards the $2,850 support level. The next major support is near the $2,800 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent wave from the $2,559 swing low to $3,042 high.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still above the 50 level.

Major Support Level – $2,850

Major Resistance Level – $3,050

Leave A Reply

Your email address will not be published.