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Ethereum price has started to rise again above the $3,000 resistance level. ETH price has risen by more than 10% and is now approaching the major barrier at $3,250.
- Ethereum started a new rally above the $2,880 resistance area.
- The price is trading above $3,000 and the 100 hourly simple moving average.
- There is a new bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it crosses the $3,250 resistance level.
Ethereum price is regaining momentum
Ethereum price started a new increase above the $2,750 resistance level like Bitcoin. ETH managed to rise above the $2,880 and $3,000 resistance levels to move further into positive territory.
It even rose above the $3,120 level in the last few sessions. It is up over 10% and there was a move above $3,150. A high was formed at $3,249 before there was a slight pullback. There was a move below the 50% Fib retracement level of the upward move from the swing low at $3,020 to the swing high at $3,249.
However, the bulls were active near the $3,080 level and the 76.4% Fib retracement level of the upward move from the $3,020 swing low to the $3,249 swing high. Ethereum price is now trading above $3,120 and the 100 hourly simple moving average. There is also a new bullish trend line forming with support at $3,120 on the hourly chart of the ETH/USD pair.
On the upside, the price appears to be facing hurdles near the $3,200 level. The first major resistance is near the $3,250 level. The main resistance is now forming near $3,300. A clear move above the $3,300 resistance level could send the price towards the $3,350 resistance level.
A bullish break above the $3,420 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $3,500 resistance area.
Are dips supported in ETH?
If Ethereum fails to break above the $3,250 resistance level, it could start a downward correction. Initial support on the downside is near the $3,150 level. The first major support is near the $3,120 area and trend line.
A clear move below the $3,120 support could push the price towards $3,080. Any further losses could send the price towards the $3,050 support level in the near term. The next major support is at $3,000.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major Support Level – $3,120
Major resistance level – $3,250
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