Ethereum gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance.
Ethereum started a major rise and even settled above the $3,000 level. The price is now trading above $3,100 and the 100 hourly simple moving average. There was a break above a couple of short-term downtrend lines at $3,000 and $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now facing a hurdle near $3,200, above which it could accelerate further.
Ethereum price points to more gains
Ethereum gained pace and was able to establish itself above the key $3,000 resistance zone. ETH remained in a positive zone above the $3,050 level and the 100 hourly simple moving average.
During the rise, there was a break above a couple of short-term downtrend lines at $3,000 and $3,080 on the hourly chart of ETH/USD. The pair even broke the resistance level of $3,120 and traded to a new yearly high of $3,190.
Ether price is now consolidating gains below the $3,190 level. There was a minor decline below the 23.6% Fibonacci retracement level of the recent rally from the $2,950 low to $3,190 high.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3160 level and a connecting downtrend line on the same chart. A clear move above the $3,160 resistance could trigger another rally. The next big hurdle is near the $3,200 level. A proper break above the $3,200 level could start a move towards the $3,350 and $3,380 levels in the near term.
Limited dips in ETH?
If Ethereum fails to continue above $3,160 or $3,180, a downside correction could start. An initial support on the downside is near the $3,115 level. The first major support is near the $3,080 level.
It is near the 50% Fibonacci retracement level of the recent rally from the $2,950 low to $3,190 high. A break down below the $3,080 level could send the price down even further. The next major support is near the $3,000 level and the 100 hourly SMA, below which there is a risk of a major downside correction.
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level: $3,080
Major resistance level: $3,200
This post Ethereum looks poised for another leg above $3,200
was published first on https://www.newsbtc.com/analysis/eth/ethereum-another-leg-higher-over-3200/