ethereum price is rising above the $3,080 resistance zone. eth could gain bullish momentum if there is a close above the $3,150 resistance.
- ethereum is slowly rising above the $3,050 level.
- The price is trading above $3,050 and the 100 hourly simple moving average.
- There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above the $3,150 resistance zone.
ethereum Price Could Extend Gains Above $3,150
ethereum price extended its recovery wave above the $3,000 resistance zone. eth even surpassed the $3,050 resistance. There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of eth/USD.
The pair even cleared the $3,110 resistance, outperforming bitcoin. It tested the $3,150 resistance zone. A high was formed at $3,149 and the price is now consolidating gains. There was a minor dip below $3,120. The price tested the 23.6% Fibonacci retracement level of the upward move from the $2,895 low to $3,149 high.
ethereum is now trading above the $3,050 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $3,120 level.
The first major resistance is near the $3,150 level. The next major hurdle is near the $3,220 level. A close above the $3,220 level could send Ether towards the $3,320 resistance. The next key resistance is near $3,400. An upside break above the $3,400 resistance could send the price towards the $3,500 resistance zone in the coming days.
Another drop in eth?
If ethereum fails to clear the $3,150 resistance, another decline could start. The initial support on the downside is near $3,080. The first major support is located near the $3,020 zone and the 50% Fib retracement level of the upward move from the $2,895 low to $3,149 high.
A clear move below the $3020 support could propel the price towards $2955. Any further losses could send the price towards the $2880 support level in the near term.
Technical indicators
Hourly MACD – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Major Support Level: $3020
Major Resistance Level: $3,150
(tags to translate)ethbtc
