Ethereum Price Targets Break Above $3K, Bulls Smell Opportunity

[Ben Graham]

Ethereum price started a decent upward move above $2,900. ETH is now showing positive signs and might eye more gains above $3,000.

• Ethereum started a recovery wave above the $2,920 zone.
• The price is trading above $2,950 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above the $3,000 zone.

Ethereum Price Eyes More Gains

Ethereum price managed to stay above the $2,880 pivot level and started a recovery wave, like Bitcoin. ETH price climbed above the $2,920 resistance to enter a positive zone.

The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $3,075 swing high to the $2,888 low. Besides, there is a bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If the bulls are able to protect more losses below $2,950, the price could continue to move up.

Immediate resistance is seen near the $3,000 level and the 61.8% Fib retracement level of the downward move from the $3,075 swing high to the $2,888 low. The first key resistance is near the $3,030 level. The next major resistance is near the $3,050 level. A clear move above the $3,050 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,220 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,000 resistance, it could start a fresh decline. Initial support on the downside is near the $2,950 level.

The first major support sits near the $2,920 zone. A clear move below the $2,920 support might push the price toward the $2,880 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,720.

Technical Indicators

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

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

Major Support Level – $2,950

Major Resistance Level – $3,000