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

Ethereum worth is exhibiting constructive indicators above the $2,850 help. ETH eyes extra positive aspects and may surge towards the $3,000 resistance zone.

• Ethereum is slowly transferring increased above the $2,800 help zone.
• The worth is buying and selling above $2,850 and the 100-hourly Easy Shifting Common.
• There’s a key bullish pattern line forming with help at $2,910 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair might proceed to maneuver up towards the $3,000 resistance zone.

Ethereum Value Stays Supported

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

Nonetheless, there was no check of the $3,000 resistance zone. A brand new multi-week excessive is shaped close to $2,984 and the worth is now consolidating positive aspects. Ether is steady close to the 23.6% Fib retracement stage of the current wave from the $2,723 swing low to the $2,984 excessive.

There may be additionally a key bullish pattern line forming with help at $2,910 on the hourly chart of ETH/USD. Ethereum is now buying and selling above $2,850 and the 100-hourly Easy Shifting Common.

Speedy resistance on the upside is close to the $2,940 stage. The primary main resistance is close to the $2,985 stage. The following main resistance is close to $3,000, above which the worth may rise and check the $3,050 resistance zone.

Supply: ETHUSD on TradingView.com

If the bulls push the worth above the $3,050 resistance, Ether might even rally towards the $3,120 resistance. Within the said case, the worth might rise towards the $3,250 stage within the close to time period. Any extra positive aspects may name for a check of $3,350.

Draw back Correction In ETH?

If Ethereum fails to clear the $2,940 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $2,910 stage and the pattern line zone.

The following key help might be the $2,850 zone or 50% Fib retracement stage of the current wave from the $2,723 swing low to the $2,984 excessive. A transparent transfer under the $2,850 help may ship the worth towards $2,840 or the 100-hourly Easy Shifting Common. The primary help might be $2,780. Any extra losses may ship the worth towards the $2,720 stage within the coming classes.

Technical Indicators

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

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

Main Help Degree – $2,850

Main Resistance Degree – $2,940

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