Ethereum Price Surges Over 10%, Approaches $3,000 Resistance
Ethereum price has initiated an increase above the $2,720 resistance level, rising over 10% and nearing the significant barrier at $3,000.
- Ethereum surged past the $2,720 resistance zone.
- Current trading is above $2,750 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,820 on the hourly chart of ETH/USD (data from Kraken).
- The price may continue to rise if it surpasses the $2,950 resistance.
Ethereum Price Extends Its Increase
Ethereum began a fresh increase above the $2,650 resistance. The price climbed above both the $2,720 and $2,750 levels, moving into a positive zone. It recently exceeded $2,850, outperforming Bitcoin. Currently, it is up over 10%, having reached a high of $2,955 while remaining above the 23.6% Fib retracement level from the $2,355 swing low to the $2,955 high.
Ethereum is now trading above $2,800 and the 100-hourly Simple Moving Average. A bullish trend line is also forming with support at $2,820 on the hourly chart.
The price faces resistance near the $2,920 level, with major resistance at $2,950 and primary resistance around $3,000. A clear breakout above $3,000 could lead to a rally towards $3,120.
An upside break beyond $3,120 might indicate further gains, potentially targeting the $3,250 resistance zone.
Are Dips Limited In ETH?
If Ethereum does not breach the $2,950 resistance, a downside correction may occur. Initial support is near the $2,850 level, with significant support at $2,820 and along the trend line.
A move below the $2,820 support could drive the price toward $2,720. Additional losses may push the price to the $2,650 support level, with the next key support at $2,550.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 zone.
- Major Support Level: $2,820
- Major Resistance Level: $2,950