Ethereum Price Continues to Surge
The price of Ethereum has surpassed the $3,000 mark, extending its recent rally. It is currently trading above $3,000 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line has formed with support at $2,950. This indicates that the pair could potentially move towards the $3,120 resistance zone.
Ethereum Price Forms Base and Gains Momentum
After forming a base above $2,850, Ethereum has experienced another increase in price. It successfully cleared the $2,920 resistance zone and outperformed Bitcoin. The price has now climbed above the significant $3,000 barrier and reached a new multi-week high at around $3,032. Currently, Ethereum is consolidating gains near the 23.6% Fib retracement level. The price remains stable and is trading above the 100-hourly Simple Moving Average.
Potential Upside Targets for Ethereum
If Ethereum manages to break through the $3,040 resistance level, it could continue its upward movement. The first major resistance is expected near $3,065, followed by another at around $3,120. If these resistances are surpassed, the price may rise further and test the $3,220 resistance zone. In this case, Ethereum could even rally towards the $3,350 resistance level and potentially reach $3,500.
Downside Correction Possible for Ethereum
If Ethereum fails to overcome the $3,040 resistance level, it may experience a downside correction. The initial support on the downside is near $2,995. Further support can be found near the $2,950 level and within the trend line zone. A clear move below the $2,910 support might push the price towards $2,880 or the 100-hourly Simple Moving Average. The main support level is at $2,850, and any additional losses could lead to a decline towards $2,720 in future sessions.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive trend. The RSI for ETH/USD has also risen above the 50 level, further supporting the bullish sentiment.
Hot Take: Ethereum Continues to Surge and Faces Key Resistance Levels
Ethereum’s price has continued its upward momentum, surpassing the $3,000 mark. It is currently trading above key support levels and shows potential for further gains. However, it faces resistance near $3,040 and $3,065. If these resistance levels are broken, Ethereum could rally towards higher targets such as $3,220 and even $3,350. On the other hand, if it fails to overcome these resistances, a downside correction may occur with initial support near $2,995. Traders should closely monitor these key levels to gauge Ethereum’s next move.
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