Ethereum is moving higher above $3,050 against the US Dollar. ETH price is trading in the green and could rise above $3,150.
- Ethereum is slowly rising and showing positive signs above the $3000 support area.
- 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 around $3,150 and its rally may extend in the near term.
Ethereum price eyes more pros
Ethereum’s offering has remained well above $2,950 support area. ETH started another rally and cleared the $3,050 resistance.
There was also a clear move above the $3,120 level and the price settled above 100-hour 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, there is an initial resistance near the $3,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,200 level. Ether price could start another rally if there is a clear move above the $3200 resistance. In the mentioned case, the price may rise towards the $3250 level. Any further gains could call for a move towards the $3,350 resistance area in the upcoming sessions.
Dips Limited in ETH?
If Ethereum fails to start a new increase above the $3,150 level, it may initiate a downside correction. There is initial support on the downside near the $3,110 region. The next major support is near the $3,070 level. It is close to 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 area and the trend line. A downside breakout below the $3,050 support area could push the price even lower. In the aforementioned case, the price may drop to $3000.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Key Support Level – $3,050
Key Resistance Level – $3,150