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Ethereum price started a new rise above the $3,000 resistance. ETH is up more than 10% and is now approaching the main barrier at $3,250.
- Ethereum started a new surge above the $2,880 resistance area.
- The price trades above $3,000 and the 100-hourly Simple Moving Average.
- There is a new trend line forming at $3,120 support on the ETH/USD hourly chart (data feed via Kraken).
- This pair can continue to rise if it clears the resistance at $3,250.
Ethereum Price Gains Momentum Again
Ethereum price started a new high above the $2,750 resistance as Bitcoin. ETH managed to rise above the resistance levels of $2,880 and $3,000 to move further into the positive territory.
It even rose above the $3,120 level in the past few sessions. It is up more than 10% and there has been a move above $3,150. A high was formed at $3,249 before a minor pullback. There was a move below the 50% Fib retracement level of the upward move from the $3,020 low to $3,249 high.
However, the bulls were working near the $3,080 level and the 76.4% Fib retracement level of the move from the $3,020 swing low to the $3,249 high. Ethereum price is now trading above $3,120 and the 100-hour Simple Moving Average. There is also a new trend line forming with support at $3,120 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing obstacles near the $3,200 level. The first major resistance is near the $3,250 level. The main resistance is now around $3,300. A clear move above the $3,300 resistance could send the price to the $3,350 resistance.
An upside break above the $3,420 resistance could call for more gains in the coming sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,500.
Are Dips supported in ETH?
If Ethereum fails to clear the $3,250 resistance, it may start a lower correction. The first support on the downside is near the $3,150 level. The first major support sits near the $3,120 area and the trend line.
A clear move below the $3,120 support could push the price to $3,080. Another loss could send the price to the $3,050 support level in the near term. The next key support remains at $3,000.
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 – $3,120
Major Resistance Level – $3,250
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