Ethereum remained well bid above the $2,950 support against the US Dollar. ETH price started a fresh increase and it could even surpass the $3,300 resistance.
Ethereum started a fresh increase above the $3,120 and $3,200 resistance levels.
The price is now trading above $3,150 and the 100 hourly simple moving average.
There was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if there is a clear break above $3,260.
Ethereum Price Turns Green
Ethereum remained well bid above the $2,950 support zone, similar to bitcoin near $44,000. ETH price formed a base above $2,950 and it started a fresh increase.
There was a clear break above the $3,000 and $3,050 resistance levels. The price rallied above the 50% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. Ether even settled above the $3,150 level and the 100 hourly simple moving average.
Besides, there was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD. The pair is now trading above the $3,200 resistance.
On the upside, an initial resistance is near the $3,245 level. It is near the 76.4% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. The first key resistance is now forming near the $3,260 level. A break above the $3,260 zone could lift the price towards the $3,330 resistance. Any more gains may possibly call for a move towards the $3,500 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,245 and $3,260 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,165 level.
The key support is now forming near the $3,150 zone and the 100 hourly simple moving average. A downside break below the $3,150 support zone could initiate a larger decline. The next major support could be $3,120, below which the bears might aim a retest of $3,000 in the near term.
Source: newsbtc.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |