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

SEC’s Uyeda and Peirce Plan New Crypto Regulation Under Trump’s Leadership

The post SEC’s Uyeda and Peirce Plan New Crypto Regulation Under Trump’s Leadership appeared first on Coinpedia Fintech News SEC Commissioner Mark Uyeda, known for his vocal criticism of the

Ethereum Whale Offloads $85M ETH, Realizes 810x ROI

The post Ethereum Whale Offloads $85M ETH, Realizes 810x ROI appeared first on Coinpedia Fintech News As the Ethereum price crosses $2900 per token, an Ethereum whale has begun to sell off its

Solana Competitor Confirms 5,607% Forecast, CoinMarketCap Debuts Increases Chances of Violent Rally

The post Solana Competitor Confirms 5,607% Forecast, CoinMarketCap Debuts Increases Chances of Violent Rally appeared first on Coinpedia Fintech News Solana (SOL) has shaken pre-US election premarket

Binance and Coinbase See $9.3B Stablecoin Inflow

The post Binance and Coinbase See $93B Stablecoin Inflow appeared first on Coinpedia Fintech News As the crypto bull run gains momentum, Binance and Coinbase, two major centralized cryptocurrency

Bitcoin ETF Inflows Hit Record $1.37B, Largest Ever

The post Bitcoin ETF Inflows Hit Record $137B, Largest Ever appeared first on Coinpedia Fintech News As the crypto bull run began with Trump’s political win, the institutional support for

XRP Lawsuit Update: When Ripple vs SEC Will End? Legal Analyst Fred Rispoli’s Take

The post XRP Lawsuit Update: When Ripple vs SEC Will End Legal Analyst Fred Rispoli’s Take appeared first on Coinpedia Fintech News Donald Trump’s recent US presidential election win has