Ethereum gained bullish momentum and cleared the $3,000 resistance against the US Dollar. ETH price is on the rise but could face hurdles near the $3,200 level.
Ethereum found support and started a sharp rise above the $3,000 level. The price is now trading above $3,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,010 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate to the upside, but the $3200 barrier could prevent further gains.
Ethereum price recovers $3K
Ethereum formed a base for a fresh rise above the $2,800 resistance zone. ETH was able to overcome a lot of hurdles near the $2,880 and $3,000 levels.
It even moved above the $3,000 resistance and the 100 hourly simple moving average. Recently, there was a break above a key bearish trend line with resistance near $3,010 on the hourly chart of ETH/USD. The pair is now rising and trading above the $3,050 level.
A high is formed near $3,089 and the price could continue to rise. Ether is trading well above the 23.6% Fibonacci retracement level of the upward move from the $2,952 low to $3,089 high.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3,120 level. A clear move above the $3,120 resistance could send the price towards a major hurdle at $3,200. The bears could take a position near the $3,200 level. If they fail, the price of ether could perhaps rally towards the $3420 level in the short term.
Limited dips in ETH?
If ethereum fails to continue above $3,120 or $3,200, a downside correction could start. An initial support on the downside is near the $3,040 level. The first major support is near the $3,020 level.
It is near the 50% Fib retracement level of the upward move from the $2,952 low to $3,089 high. A downside break below the $3,020 level could send the price further lower. The next major support is near the $2,920 level and the 100 hourly SMA, below which there is a risk of a sharp drop. In the indicated case, the price could return to $2,800
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $3,020
Major resistance level: $3,200
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was published first on https://www.newsbtc.com/analysis/eth/ethereum-smashes-heavy-resistance-3k/