Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum extended its rally and it traded to a new all-time high above $3,000 against the US Dollar. ETH price is showing signs of more upsides towards $3,100 and $3,150.
- Ethereum remained well supported above $2,800 and it broke the $3,000 level.
- The price is now trading well above $3,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $2,990 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to appear near $3,000 and $2,950.
Ethereum Price Remains In Uptrend
Ethereum remained well supported and it gained pace above the $2,850 resistance. ETH outpaced bitcoin and it even cleared the $3,000 resistance zone.
It traded to a new all-time high near $3,060 and it settled nicely above the 100 hourly simple moving average. The price is showing positive signs and it could continue to rise above $3,060. On the downside, an initial support is near the $3,030 level.
The 23.6% Fib retracement level of the recent wave from the $2,928 swing low to $3,061 high is also near $3,030. The next major support is near the $2,995 level. There is also a key bullish trend line forming with support near $2,990 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent wave from the $2,928 swing low to $3,061 high. Any more losses might call for a test of the $2,925 and $2,920 support levels in the near term. The next major support is near the $2,850 level and the 100 hourly simple moving average.
More Upsides in ETH?
If Ethereum remains stable above the trend line support and $3,000, it could continue to rise. An initial resistance on the upside is near the $3,060 level.
The first major resistance is near the $3,085 level. A clear upside break above the $3,085 level and could open the doors for a move above the $3,100 level. The next major hurdle for the bulls could be near the $3,150 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,150