TA: Ethereum Breaks Key Resistance, Here’s Why ETH Could Test $3K

Ethereum extended its upward move above the $2,750 resistance zone against the US Dollar. ETH price is showing positive signs and it could rise towards $3,000 or even higher.

Ethereum extended its recovery wave above the $2,650 and $2,750 levels.
The price is now trading above the $2,700 support and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now showing signs of more gains above $2,900 and $2,950.

Ethereum Price Remains Well Bid
Ethereum remained supported above the $2,500 level and it extended its recovery wave. There was a break above the $2,600 and $2,650 resistance levels, opening the doors for a steady increase.
There was a clear break above the 61.8% Fib retracement level of the downward move from the $2,742 high to $2,375 low. Moreover, there was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD.
Ether price is now trading above the $2,700 support and the 100 hourly simple moving average. It cleared the last swing high near $2,742 and it is now trading above $2,800.

Source: ETHUSD on TradingView.com
Besides, it is testing the 1.236 Fib extension level of the downward move from the $2,742 high to $2,375 low. If there are more gains, the price could test the $2,950 resistance. The next major resistance is near the $3,000 level, above which the price could rally towards the $3,000 level.
Dips Limited in ETH?
If Ethereum fails to continue higher above the $2,900 and $2,9500 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,750 zone.
The first key support is near the $2,650 level. Any more losses could lead the price towards the $2,550 support zone and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $2,750
Major Resistance Level – $2,950

Johann Kunde
Johann Kunde
I have been working in the crypto industry for over 5 years now. I have seen the highs and lows of the market and I know what it takes to be a successful investor. I am also an experienced writer and have published several books on cryptocurrency investing. I am always up-to-date with the latest news and developments in the industry, and my readers can rely on me to provide them with accurate information and advice. If you are looking for someone who knows everything about cryptocurrency investing, then you have come to the right place!

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