Ethereum Breaks Resistance and Shows Bullish Momentum
Ethereum has experienced a significant increase in price, surpassing the $3,000 resistance level. The cryptocurrency is now trading above $3,050 and the 100-hourly Simple Moving Average (SMA). This surge in price indicates a bullish trend and suggests that Ethereum may continue to rise in the near future.
Ethereum Outperforms Bitcoin
Unlike Bitcoin, Ethereum has remained stable above the $2,880 support zone. In fact, it has gained nearly 5% and outperformed Bitcoin in terms of price increase. Ethereum’s price reached a new multi-week high of around $3,121 before consolidating its gains.
The current price is above the 23.6% Fibonacci retracement level of the upward wave from the $2,907 swing low to the $3,121 high. Additionally, there is a key bullish trend line forming with support at $3,080 on the hourly chart of ETH/USD.
Ethereum is currently trading above $3,085 and the 100-hourly SMA. The immediate resistance on the upside is near the $3,120 level, followed by a major resistance level at $3,150. If Ethereum continues to rise and breaks through the $3,200 resistance level, it could gain significant bullish momentum.
Key Points:
- Ethereum has surpassed the $3,000 resistance level and is showing bullish momentum.
- The cryptocurrency outperformed Bitcoin and reached a new multi-week high of around $3,121.
- Ethereum is trading above the 23.6% Fibonacci retracement level and has formed a key bullish trend line.
- The immediate resistance levels are at $3,120 and $3,150.
Dips in ETH: Is There Support?
If Ethereum fails to clear the $3,120 resistance level, it may experience a downside correction. The first level of support on the downside is near $3,080 and the trend line. If the price continues to decline, it could test the major support zone at $3,000.
This support level aligns with the 50% Fibonacci retracement level of the upward wave from the $2,907 swing low to the $3,121 high. If Ethereum breaks below this level, it might test the 100-hourly SMA. Further support can be found at the $2,960 zone.
A clear move below $2,960 could send the price toward $2,920. If Ethereum experiences more losses, it could reach the $2,860 level.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Note: The information provided here does not constitute financial advice or investment recommendations. This article is for informational purposes only.
Hot Take: Ethereum Continues to Rise
Ethereum’s recent surge in price and its ability to surpass key resistance levels indicate a positive outlook for the cryptocurrency. Here’s what you need to know:
- Ethereum has shown strong bullish momentum and outperformed Bitcoin.
- The price is currently trading above key support levels and technical indicators suggest further upside potential.
- If Ethereum breaks above the $3,200 resistance level, it could rally even higher toward the $3,280 and $3,320 levels.
- However, if the price fails to clear the $3,120 resistance, a downside correction may occur with support levels at $3,080 and $3,000.
Overall, Ethereum’s performance is promising and it is worth monitoring its price movements in the coming days. Keep an eye on key resistance and support levels to make informed investment decisions.
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