Ethereum Price Grinds Higher, Will ETH Bulls Be Able to Hit $3K Milestone?

Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.

  • Ethereum is slowly moving higher above the $2,800 support zone.
  • The price is trading above $2,850 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up toward the $3,000 resistance zone.

Ethereum Price Remains Supported

Ethereum price remained well-bid and slowly moved higher above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin.

However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.

There is also a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average.

Immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price might rise and test the $3,050 resistance zone.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,050 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,350.

Downside Correction In ETH?

If Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone.

The next key support could be the $2,850 zone or 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support might send the price toward $2,840 or the 100-hourly Simple Moving Average. The main support could be $2,780. Any more losses might send the price toward the $2,720 level in the coming sessions.

Technical Indicators

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

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

Major Support Level – $2,850

Major Resistance Level – $2,940

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source