Ethereum Claims $3K Back, Tech Data Suggests More Benefits

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Ethereum moves higher above $3,000 against the US dollar. ETH price could rise if there is a clear move above the $3,080 resistance.

Ethereum remained well supported near the USD 2,900 support zone. The price is now trading above $2,920 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $2,985 on the ETH/USD hourly chart (data feed via Kraken). The pair is consolidating near USD 3,000 and could extend the rally in the near term.

Ethereum price eyes more profit

Ethereum corrected lower below the USD 2,950 support zone. However, ETH remained supported near the $2,900 zone and the price is still well above the 100 hourly simple moving average.

The price started a fresh rise above the $3,000 resistance. Ether even climbed above the USD 3,050 level. It highs near $3,080 and the price is now consolidating gains. There was a small drop below the $3,050 level. The price fell below the 23.6% Fib retracement level from the upward move from the $2,926 swing low to $3,080 high.

ETH is now consolidating near $3,000 and is well above the 100 hourly simple moving average. A major bullish trendline is also forming with support near $2,985 on the ETH/USD hourly chart.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $3,065 level. The first major resistance is near the $3,080 level. Ether price needs to clear the $3,080 resistance level to start a fresh rise. In the mentioned case, the price may be able to climb towards the USD 3,120 level. Further gains may require a move towards the $3,250 resistance zone in the coming sessions.

Disadvantage of ETH?

If ethereum fails to start a fresh rise above the $3,080 level, it could trigger a downside correction. An initial support on the downside is near the $3,000 zone.

The next major support is near the $2,980 level and the trendline. A downward breach below the $2,980 support zone could push the price further. In the mentioned case, the price may drop to $2,920.

Technical indicators

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

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

Major Support Level – $2,980

Major Resistance Level – $3,080

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