Ethereum started a decent recovery and climbed above $3,000 against the US Dollar. ETH price could accelerate higher if it clears the $3,200 resistance zone.
Ethereum formed a support base above the $2,650 and started a steady recovery wave. ETH broke the $2,800 resistance zone and gained pace, similar to bitcoin.
There was also a break above a major bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD. The pair surpassed the 76.4% Fib retracement level of the key decline from the $3,105 swing high to $2,651 swing low.
The price is now trading above $3,000 and near the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,135 level. The first major resistance is near the $3,200 level. It is close to the 1.236 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low.
Source: ETHUSD on TradingView.com
A close above the $3,200 resistance could push the price further higher. The next major resistance might be near the $3,400 level. It represents the 1.618 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low. An intermediate resistance might be near the $3,320 level.
If ethereum fails to continue higher above the $3,135 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level.
The next major support seems to be forming near the $3,000 level. A downside break below the $3,000 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,650 level, below which ether price might decline towards the $2,500 region in the near term.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,200
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