TA: Ethereum Breaks Key Resistance, Here’s Why ETH Could Test $3K


Ethereum prolonged its upward transfer above the $2,750 resistance zone towards the US Dollar. ETH value is exhibiting constructive indicators and it may rise in direction of $3,000 and even increased.

  • Ethereum prolonged its restoration wave above the $2,650 and $2,750 ranges.
  • The value is now buying and selling above the $2,700 assist and the 100 hourly easy transferring common.
  • There was a break above a key bearish pattern line with resistance close to $2,600 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair is now exhibiting indicators of extra positive aspects above $2,900 and $2,950.

Ethereum Price Remains Well Bid

Ethereum remained supported above the $2,500 degree and it extended its recovery wave. There was a break above the $2,600 and $2,650 resistance ranges, opening the doorways for a gradual enhance.

There was a transparent break above the 61.8% Fib retracement degree of the downward transfer from the $2,742 excessive to $2,375 low. Moreover, there was a break above a key bearish pattern line with resistance close to $2,600 on the hourly chart of ETH/USD.

Ether value is now buying and selling above the $2,700 assist and the 100 hourly simple moving average. It cleared the final swing excessive close to $2,742 and it’s now buying and selling above $2,800.

Source: ETHUSD on TradingView.com

Besides, it’s testing the 1.236 Fib extension degree of the downward transfer from the $2,742 excessive to $2,375 low. If there are extra positive aspects, the value may check the $2,950 resistance. The subsequent main resistance is close to the $3,000 degree, above which the value may rally in direction of the $3,000 degree.

Dips Limited in ETH?

If Ethereum fails to proceed increased above the $2,900 and $2,9500 resistance ranges, it may begin a draw back correction. An preliminary assist on the draw back is close to the $2,750 zone.

The first key assist is close to the $2,650 degree. Any extra losses could lead on the value in direction of the $2,550 assist zone and the 100 hourly easy transferring common.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining tempo within the bullish zone.

Hourly RSIThe RSI for ETH/USD is at present effectively above the 50 degree.

Major Support Level – $2,750

Major Resistance Level – $2,950



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