Ethereum began a renewed spike above the $ 3,000 resistance against the US dollar. ETH price is now consolidating earnings and could continue to climb above $ 3,200.
- Ethereum found support near $ 2,900 and started spiking again.
- The price is now trading above $ 3,000 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a major bearish trendline with resistance near USD 2,980.
- The pair is likely to continue its rally once it clears the $ 3,200 and $ 3,300 resistance levels.
Ethereum price sees other advantages
Ethereum began a minor downward correction below the $ 3,000 support. However, the ETH price remained well bid near the $ 2,900 level and the 100-hour simple moving average.
A low was formed at $ 2,891 and the price started a new spike, similar to Bitcoin. Ether was able to climb above the USD 3,000 and USD 3,050 resistance levels again. The ETH / USD hourly chart broke through a major bearish trendline with resistance near USD 2,980.
The pair has even broken above $ 3,150 but is again struggling to break the $ 3,200 resistance zone. A high is formed near $ 3,191 and the price is now consolidating gains. There was a break below the 23.6% fib retracement level of the recent wave from the low of $ 2,891 to the high of $ 3,191.
Ether tested the $ 3,050 support where the bulls showed up. The 50% fib retracement level of the recent wave from the low of $ 2,891 to the high of $ 3,191 is also near $ 3,050. On the flip side, immediate resistance is near the $ 3,150 level. The next major resistance is near the $ 3,200 level.
Source: ETHUSD on TradingView.com
A clear break and close above the $ 3,180 and $ 3,200 resistance levels could trigger another spike. If so, the price could go above $ 3,300. The next stop for the bulls could potentially be near $ 3,480.
Supported dips in ETH?
If Ethereum fails to break above the $ 3,180 and $ 3,200 resistance levels, it could initiate another downward correction. Immediate support on the downside is near the $ 3,080 mark.
The next big support is near the $ 3,040 mark. The main support is now forming near $ 3,000 and the 100 hour SMA. Further losses could push the price towards the USD 2,880 support zone.
Technical indicators
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Large support tier – $ 3,040
Great resistance level – $ 3,200
