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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Bulls Keep Pushing, Why Rally Isn’t Over Yet

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum is moving higher above $3,050 against the US Dollar. ETH price is trading in the green zone and might surge above $3,150.

  • Ethereum is slowly rising and showing positive signs above the $3,000 support zone.
  • The price is now trading above $3,050 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating near $3,150 and might extend rally in the near term.

Ethereum Price Eyes More Upsides

Ethereum remained well bid above the $2,950 support zone. ETH started another increase and cleared the $3,050 resistance.

There was also a clear move above the $3,120 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,147 and is currently showing positive signs. It is trading above the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,147 high.

There is also a major bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,150 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,200 level. Ether price could start another surge if there is a clear move above the $3,200 resistance. In the stated case, the price may perhaps rise towards the $3,250 level. Any more gains might call for a move towards the $3,350 resistance zone in the coming sessions.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,150 level, it could start a downside correction. An initial support on the downside is near the $3,110 zone. The next major support is near the $3,070 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,147 high.

The main support is near the $3,050 zone and the trend line. A downside break below the $3,050 support zone might push the price further lower. In the stated case, the price might drop to $3,000.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 60 level.

Major Support Level – $3,050

Major Resistance Level – $3,150

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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