Ethereum prices have begun a new increase beyond the $3,000 zone. ETH is currently consolidating profits and could be revised lower towards the $2,900 zone.
- Ethereum has begun new growth above the $3,000 level.
- The price is traded at a simple moving average of nearly $2,940 and 100 hours.
- There was a break in ETH/USD (data feed via Kraken) below the major bullish trendline with $2,980 support on hourly charts.
- The pair could start a new increase if supported beyond the $2,900 zone in the short term.
Ethereum prices rise above $3,000
Ethereum prices have started to rise again, like Bitcoin, above the $2,800 zone. ETH prices have increased their pace to move beyond the $2,880 resistance zone and entered the positive zone.
The Bulls even pumped up prices above $2,920. Finally, we tested the $3,080 zone. The high was formed at $3,081, and prices are now consolidating profits. There was a movement below the 50% FIB retracement level of an upward movement from a $2,905 swing to $3,081 height.
What’s more, the ETH/USD hourly wage chart showed support of $2,980 below the major bullish trendline. Ethereum prices currently trade a simple moving average of nearly $2,940 and 100 hours.
The advantage is that the price could face resistance close to the $2,980 level. The next important resistance is close to the $3,000 level. The first major resistance is close to the $3,040 level. A clear move above the $3,040 resistance could turn the price towards the $3,080 resistance.
An upward break above the $3,080 resistance could require more profits in future sessions. If specified, ether could rise towards a $3,200 resistance zone, or even $3,220.
Is the drawback supported by ETH?
If Ethereum cannot clear the $3,000 resistance, it may begin to correct the drawback. The initial support on the downside is close to the $2,940 level, with a 76.4% FIB retracement level of upwards from Swing Low of $2,905 to $3,081. The first major support is near the $2,900 zone.
A clear move below $2,900 support could push the price up to $2,800 support. Any further losses could send prices towards a support level of $2,720 in the short term. The following key support is $2,650:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,900
Major Resistance Levels – $3,000
