Ethereum Could Stage Strong Rally If It Clears This Key Resistance


Ethereum gained pace above the $3,080 resistance against the US Dollar. ETH price could continue higher if there is a clear move above the $3,150 resistance.

  • Ethereum kept doing well and rose above the $3,080 and $3,100 levels.
  • The price is now trading above $3,080 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair should cross $3,130 and $3,180 to start another increase in the near term.

Ethereum price still supported

Ethereum remained a good try and Extended increase Above the $3,080 resistance. Even ETH broke the $3,130 resistance area and settled above the 100 hourly simple moving average.

It even rose towards the $3,180 level and traded as high as $3,172. Recently, there was a downside correction below the $3,130 level. Ether price corrected below the 23.6% Fib retracement level of the upward move from the $2,880 swing low to $3,172 high.

Price tested the $3,050 support area 100-hour simple moving average. There is also a major bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD.

Ethereum price

Source: ETHUSD on TradingView.com

On the upside, we see initial resistance near the $3,130 level. The next major resistance is near the $3,170 and $3,180 levels. A close above $3.180 might start a strong bullish move in the near term. In the aforementioned case, Ether could rise towards the $3250 level. The next major resistance might be near $3,280 or $3,320.

Support dips in ETH?

If Ethereum fails to rise above $3,130, it may initiate a downward correction. There is initial support on the downside near the $3,080 area and the trendline.

The first major support is near the $3,060 level and the 100 hourly simple moving average. The next major support is near the $3,025 level. It is close to the 50% Fib retracement level of the upward move from the $2,880 swing low to $3,172 high. If there is a downside break below the $3,025 support, the price may start to decline again.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

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

Key Support Level – $3,025

Key Resistance Level – $3,130



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