Ethereum remained well above the $ 2,950 support against the US dollar. ETH price started rising again and could even top the resistance at USD 3,300.
- Ethereum began another spike above the $ 3,120 and $ 3,200 resistance levels.
- The price is now trading above $ 3,150 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a key bearish trendline with resistance near USD 3,150.
- The pair could accelerate higher if there is a clear break above $ 3,260.
Ethereum price turns green
Ethereum remained bid well above the $ 2,950 support zone, much like Bitcoin near $ 44,000. The ETH price formed a basis above USD 2,950 and began to rise again.
There was a clear break above the $ 3,000 and $ 3,050 resistance levels. The price rebounded above the 50% fib retracement level of the main decline from the high of $ 3,335 to the low of $ 2,950. Ether even hovered above the $ 3,150 level and the 100-hour simple moving average.
Also, the ETH / USD hourly chart broke through a key bearish trendline with resistance near $ 3,150. The pair is now trading above the USD 3,200 resistance.
Source: ETHUSD on TradingView.com
On the flip side, initial resistance is near the $ 3,245 level. It is near the 76.4% fib retracement level of the main decline from the high of $ 3,335 to the low of $ 2,950. The first major resistance is now forming near $ 3,260. A break above the $ 3,260 zone could push the price towards the $ 3,330 resistance. Further gains could potentially require a move towards the $ 3,500 mark.
Dips Limited at ETH?
If Ethereum is no longer above the USD 3,245 and USD 3,260 resistance levels, it could see another downward correction. Immediate support on the downside is near the $ 3,165 mark.
The main support is now forming near the USD 3,150 zone and the 100 hour simple moving average. A break below the USD 3,150 support zone could trigger a larger decline. The next big support could be at $ 3,120, below which the bears could seek a retest of $ 3,000 in the short term.
Hourly MACD – The MACD for ETH / USD is now gaining pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now well above the 60 mark.
Large support tier – $ 3,150
Great resistance level – $ 3,330