đEthereum Price Approaches $3,200, and Bulls Are Just Beginningđ
Ethereum began rising over $3,000 resistance.
The price is above $3,050 and the 100-hour SMA.
On the hourly ETH/USD chart, a bullish trend line with support around $3,080 is formed.
The pair may rise to $3,200 or $3,250 soon.
Ethereum Price Beats Bitcoin
Ethereum held over $2,880. ETH built a base and then rose past $3,000 barrier. It outperformed Bitcoin by 5%.
The price is holding gains after reaching a multi-week high at $3,121. It is trading above the 23.6% Fib retracement of the rising wave from $2,907 swing low to $3,121 high. On the hourly ETH/USD chart, a bullish trend line with support around $3,080 is formed.
Ethereum has surpassed $3,085 and the 100-hour SMA. The $3,120 level represents immediate upward resistance. Around $3,150 is the first substantial obstacle.
It may rally over $3,200, the next significant hurdle. Ether might surge to $3,280 if it breaks $3,200. Any more advances might challenge $3,320.
Does ETH Support Dips?
Ethereum may drop below $3,120 if it fails to break. The trend line and $3,080 provide first downward support.
The first substantial donation is about $3,000. Ether may challenge the 100-hourly Simple Moving Average below the 50% Fib retracement level of the bullish wave from the $2,907 swing low to the $3,121 high. The $2,960 area may be next support. A decisive break below $2,960 might push the price below $2,920. More losses might push the price near $2,860.
Tech Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
Hourly RSI: ETH/USD is over 50.
Major Support: $3,000.
Major Resistance: $3,120
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