TA: Ethereum (ETH) Gearing For Another Lift-Off, 100 SMA Is The Key

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Ethereum started a fresh increase above the $3,000 resistance against the US Dollar. ETH price is now consolidating gains and it could surge further above $3,200.

  • Ethereum found support near $2,900 and it started a fresh increase.
  • The price is now trading above $3,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its rally once it clears the $3,200 and $3,300 resistance levels.

Ethereum Price Eyes More Upsides

Ethereum started a minor downside correction below the $3,000 support. However, ETH price remained well bid near the $2,900 level and the 100 hourly simple moving average.

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A low was formed near $2,891 and the price started a fresh increase, similar to bitcoin. Ether was able to climb back above the $3,000 and $3,050 resistance levels. There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD.

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The pair even cleared the $3,150 level, but it is again struggling to clear the $3,200 resistance zone. A high is formed near $3,191 and the price is now consolidating gains. There was a break below the 23.6% Fib retracement level of the recent wave from the $2,891 swing low to $3,191 high.

Ether tested the $3,050 support, where the bulls appeared. The 50% Fib retracement level of the recent wave from the $2,891 swing low to $3,191 high is also near $3,050. On the upside, an immediate resistance is near the $3,150 level. The next key resistance is near the $3,200 level.

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Source: ETHUSD on TradingView.com

A clear break and close above the $3,180 and $3,200 resistance levels might start another increase. In the stated case, the price could rally above $3,300. The next stop for the bulls may possibly be near the $3,480 level.

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Dips Supported in ETH?

If ethereum fails to continue higher above the $3,180 and $3,200 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,080 level.

The next major support is near the $3,040 level. The main support is now forming near $3,000 and the 100 hourly SMA. Any more losses could lead the price towards the $2,880 support zone.

Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly losing pace in the bullish zone.

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

Major Support Level – $3,040

Major Resistance Level – $3,200

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Author: Aayush Jindal

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