ethereum price is outperforming bitcoin with a move above $3,000. eth is showing bullish signs and could soon surpass the $3,200 resistance.
- ethereum started a fresh rise above the $3,000 resistance zone.
- The price is trading above $3,050 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,080 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its rise towards $3,200 or even $3,250 in the near term.
ethereum price surpasses bitcoin
ethereum price remained stable above the $2,880 support zone. eth formed a base and started a new rise above the $3,000 resistance. It gained almost 5% and surpassed bitcoin.
A new multi-week high forms near $3,121 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the ascending wave from the low $2907 to the high $3121. There is also a key bullish trend line forming with support at $3,080 on the chart eth/USD schedule.
ethereum is now trading above $3,085 and the 100 hourly simple moving average. The immediate resistance on the upside is near the $3,120 level. The first major resistance is near the $3,150 level.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $3200, above which the price could gain bullish momentum. If there is a move above the $3,200 resistance, Ether could even rally towards the $3,280 resistance. Any further gains could require a test of $3,320.
Are drops in eth supported?
If ethereum fails to overcome the $3,120 resistance, it could start a downward correction. Initial support on the downside is near the $3,080 level and the trend line.
The first major support is near the $3,000 zone. It is near the 50% Fib retracement level of the ascending wave from the low $2,907 to the high $3,121, below which Ether could test the 100 hourly simple moving average. The next key support could be the $2,960 area. A clear move below the $2,960 support could send the price towards $2,920. Any further losses could send the price towards the $2,860 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3000
Main Resistance Level: $3,120
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