Ethereum price is outperforming Bitcoin with a move above $3,000. ETH is showing bullish signs and might soon climb above the $3,200 resistance.
- Ethereum started a fresh increase above the $3,000 resistance zone.
- The price is trading above $3,050 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its increase toward $3,200 or even $3,250 in the near term.
Ethereum Price Outperforms Bitcoin
Ethereum price remained stable above the $2,880 support zone. ETH formed a base and started a fresh increase above the $3,000 resistance. It gained nearly 5% and outperformed Bitcoin.
A new multi-week high is formed near $3,121 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high. There is also a key bullish trend line forming with support at $3,080 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,085 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,120 level. The first major resistance is near the $3,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near $3,200, above which the price might gain bullish momentum. If there is a move above the $3,200 resistance, Ether could even rally toward the $3,280 resistance. Any more gains might call for a test of $3,320.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,120 resistance, it could start a downside correction. Initial support on the downside is near the $3,080 level and the trend line.
The first major support is near the $3,000 zone. It is close to the 50% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high, below which Ether might test the 100-hourly Simple Moving Average. The next key support could be the $2,960 zone. A clear move below the $2,960 support might send the price toward $2,920. Any more losses might send the price toward the $2,860 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,120
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Author: Aayush Jindal
