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Ethereum is moving higher above $3,050 against the US Dollar. ETH price is trading in the green zone and might surge above $3,150.
- Ethereum is slowly rising and showing positive signs above the $3,000 support zone.
- The price is now trading above $3,050 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating near $3,150 and might extend rally in the near term.
Ethereum Price Eyes More Upsides
Ethereum remained well bid above the $2,950 support zone. ETH started another increase and cleared the $3,050 resistance.
There was also a clear move above the $3,120 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,147 and is currently showing positive signs. It is trading above the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,147 high.
There is also a major bullish trend line forming with support near $3,050 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,200 level. Ether price could start another surge if there is a clear move above the $3,200 resistance. In the stated case, the price may perhaps rise towards the $3,250 level. Any more gains might call for a move towards the $3,350 resistance zone in the coming sessions.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $3,150 level, it could start a downside correction. An initial support on the downside is near the $3,110 zone. The next major support is near the $3,070 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,147 high.
The main support is near the $3,050 zone and the trend line. A downside break below the $3,050 support zone might push the price further lower. In the stated case, the price might drop to $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $3,050
Major Resistance Level – $3,150
