Ethereum gained pace above the $3.050 resistance against the US Dollar. Ethereum price could continue higher if there is a clear move above the $3,120 resistance.
- Ethereum extended an upward correction above the $3,080 and $3,100 levels.
- The price is now trading above $3,050 and the 100 hourly simple moving average.
- There was a movement above the major downtrend line with resistance near $3,060 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must cross $3,120 and $3,130 to continue rising in the near term.
Ethereum price extends recovery
Ethereum formed a base above $3000 and started to Decent recovery wave. ETH managed to clear the $3,050 resistance area and the 100 hourly simple moving average.
There was also a movement above the major downtrend line with resistance near $3,060 on the hourly chart of ETH/USD. The pair broke through the $3,080 resistance area and traded above $3,100. A top formed near $3,131 and the price is now consolidating its gains.
It has already tested the 23.6% Fib retracement level of the last wave of the $2,880 swing low to $3,131 high. Ether price is now trading above $3,080 and 100-hour simple moving average. On the upside, we see initial resistance near the $3,090 level and a connecting descending trend line on the same chart.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,120 and $3,130 levels. A close above $3,130 may start a steady upward move in the near term. The next major resistance might be near $3,200 or $3,220.
Dips Limited in ETH?
If Ethereum fails to rise above $3,090, it may initiate a downward correction. There is initial support on the downside near the $3,080 region.
The first major support is near the $3,040 level and the 100 hourly simple moving average. The next major support is near the $3000 level. It is close to the 50% Fib retracement level of the latest wave of the $2,880 swing low to $3,131 high. If there is a downside break below the $3000 support, the price may start to decline again.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,040
Key Resistance Level – $3,130