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Ethereum
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TA: Ethereum Eyes Key Upside Break, $3K Holds The Key

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read
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Ethereum extended increase above the $3,050 resistance against the US Dollar. ETH price even climbed above $3,150 and might attempt a break above $3,200.

  • Ethereum gained pace and was able to clear the $3,120 resistance.
  • The price is now trading above $3,050 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend increase if stays above the $3,000 support zone.

Ethereum Price Eyes More Gains

Ethereum remained well supported above the $3,000 level and the 100 hourly simple moving average. ETH extended increase above the $3,050 resistance zone.

It even broke the $3,120 resistance and traded to a new high at $3,196. It is now consolidating gains and trading below the $3,150 level. Ether also tested the 23.6% Fib retracement level of the recent increase from the $2,832 swing low to $3,196 high.

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However, the price is placed above $3,050 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $3,150 level. The first major resistance is near the $3,180 level. The main resistance sits near the $3,200 level. A successful close above $3,200 might start another increase. In the stated case, the price could test the next key hurdle at $3,250. Any more gains might send the price towards the $3,320 level.

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Dips Supported in ETH?

If ethereum fails to start a fresh increase above $3,150 or $3,180, it could start a downside correction. An initial support on the downside is near the $3,110 level. The next major support is near the $3,050 level and the trend line.

The 50% Fib retracement level of the recent increase from the $2,832 swing low to $3,196 high is also just below the trend line and the 100 hourly simple moving average. A downside break below the trend line support might push the price towards the $3,000 level. Any more losses might call for a move towards $2,880.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,050

Major Resistance Level – $3,180

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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