Ethereum Price Rise Targets $3,000: Will It Cross the Mark?

Share This Post

Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.

  • Ethereum started a fresh surge above the $2,720 resistance zone.
  • The price is trading above $2,750 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $2,950 resistance.

Ethereum Price Extends Its Increase

Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.

It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.

Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.

Ethereum Price

An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.

A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,820

Major Resistance Level – $2,950

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Descending Triangle Could Hint At Next Destination For DOGE

An analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern Dogecoin Is Moving Inside A Descending Triangle Right Now In

Is It Too Late To Buy ADA? Cardano Price Soars 18% To Flip TRON As 9th-Largest Crypto, And This Might Be The Next Crypto...

The Cardano price has soared 18% in the last 24 hours to trade at $04305 as of 3:20 am EST on a 100% pump in

Crypto.com Unveils ‘Level up’ Rewards Program, Integrates New Service Suite

Singapore-based Cryptocom has unveiled its “Level Up” rewards program, seeking to deliver stocks, banking services, and cards under one roof The company will integrate these new

BlackRock sees historic $1.1 billion inflow as spot Bitcoin ETFs have best day ever

BlackRock’s IBIT recorded a historic inflow of $112 billion on Nov 7, surpassing previous combined totals for all spot Bitcoin exchange-traded funds This significant capital movement marks the

Phishing Attack That Had Drained $55 Million Of DAI, Now Laundered Through ETH Transactions

The post Phishing Attack That Had Drained $55 Million Of DAI, Now Laundered Through ETH Transactions appeared first on Coinpedia Fintech News On a large-scale phishing attack, in which the bad actor

How Will Trump’s Win Affect the Crypto Market? Why Crypto All Stars Might Benefit?

Crypto investors are buzzing after yesterday’s election results revealed Trump will return to the White House His last term saw Bitcoin explode onto the global stage – and now traders