Ethereum price started a new rally above the $2,720 resistance. ETH is up 10% and is now approaching the key barrier at $3,000.
- Ethereum started a new surge above the $2,720 resistance area.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new bullish connecting line forming at $2,820 support on the ETH/USD hourly chart (data feed via Kraken).
- This pair can continue to rise if it clears the resistance at $2,950.
Ethereum Price Extends Its Rise
Ethereum price started a new high above the $2,650 resistance as Bitcoin. ETH managed to rise above the resistance levels of $2,720 and $2,750 to move forward in a positive direction.
It even rose above the $2,850 level a few sessions ago, beating BTC. It is up more than 10% and there has been a move above $2,920. A high was formed at $2,955 and the price shows signs of further upside. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 swing high.
Ethereum price is now trading above $2,800 and the 100-hour Simple Moving Average. There is also a connecting bullish line forming with support at $2,820 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing obstacles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance now makes about $3,000. A clear move above the $3,000 resistance could send the price to the $3,120 resistance.
A break above $3,120 may require additional gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$3,250.
Are Dips Limited in ETH?
If Ethereum fails to clear the $2,950 resistance, it may start a lower correction. The first support on the downside is near the $2,850 level. The first major support sits near the $2,820 area and the trend line.
A clear move below the $2,820 support could push the price towards $2,720. Another loss could send the price to the $2,650 support level in the near term. The next key support remains at $2,550.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,820
Major Resistance Level – $2,950
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