Ethereum Price Rockets Above $3K Again — Are Bulls | Crypto News
Ethereum price began a recovery wave and surged above $3,0000. ETH would possibly continue to rise if it clears the $3,120 resistance.
- Ethereum began a recovery wave above $2,950 and $3,000.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a key bullish development line forming with assist at $2,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to transfer up if it settles above the $3,120 zone.
Ethereum Price Rallies Over 5%
Ethereum price managed to keep above $2,850 and began a recovery wave, like Bitcoin. ETH price was in a position to climb above the $2,880 and $2,950 ranges.
The bulls have been in a position to push the price above the 61.8% Fib retracement degree of the downward transfer from the $3,165 swing high to the $2,620 low. More importantly, the price surged above $3,000. Besides, there may be a key bullish development line forming with assist at $2,880 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement degree of the downward transfer from the $3,165 swing high to the $2,620 low.
If there may be another upward transfer, the price might face resistance close to the $3,120 degree. The next key resistance is close to the $3,150 degree. The first major resistance is close to the $3,165 degree. A clear transfer above the $3,165 resistance would possibly ship the price toward the $3,220 resistance. An upside break above the $3,220 area would possibly call for more beneficial properties in the approaching days. In the said case, Ether might rise toward the $3,320 resistance zone or even $3,350 in the close to time period.
Another Decline In ETH?
If Ethereum fails to clear the $3,150 resistance, it might start a contemporary decline. Initial assist on the draw back is close to the $2,980 degree. The first major assist sits close to the $2,920 zone.
A clear transfer below the $2,920 assist would possibly push the price toward the $2,840 assist. Any more losses would possibly ship the price toward the $2,800 area in the close to time period. The next key assist sits at $2,750 and $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,980
Major Resistance Level – $3,150
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