Ethereum Surges Above $3K, Here’s Why Rally Isn’t Over Yet

Ethereum

Ethereum extended its rally and it traded to a new all-time high above $3,000 against the US Dollar. ETH price is showing signs of more upsides towards $3,100 and $3,150.

Ethereum remained well supported above $2,800 and it broke the $3,000 level.
The price is now trading well above $3,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $2,990 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the bulls are likely to appear near $3,000 and $2,950.

Ethereum Price Remains In Uptrend
Ethereum remained well supported and it gained pace above the $2,850 resistance. ETH outpaced bitcoin and it even cleared the $3,000 resistance zone.
It traded to a new all-time high near $3,060 and it settled nicely above the 100 hourly simple moving average. The price is showing positive signs and it could continue to rise above $3,060. On the downside, an initial support is near the $3,030 level.
The 23.6% Fib retracement level of the recent wave from the $2,928 swing low to $3,061 high is also near $3,030. The next major support is near the $2,995 level. There is also a key bullish trend line forming with support near $2,990 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent wave from the $2,928 swing low to $3,061 high. Any more losses might call for a test of the $2,925 and $2,920 support levels in the near term. The next major support is near the $2,850 level and the 100 hourly simple moving average.
More Upsides in ETH?
If Ethereum remains stable above the trend line support and $3,000, it could continue to rise. An initial resistance on the upside is near the $3,060 level.
The first major resistance is near the $3,085 level. A clear upside break above the $3,085 level and could open the doors for a move above the $3,100 level. The next major hurdle for the bulls could be near the $3,150 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,150

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