TA: Ethereum Gains Traction, Why ETH Could Soon Retest $3K

Ethereum gained pace above the $2,550 resistance zone against the US Dollar. ETH price is trading in a positive zone and it could rally if it breaks the $2,750 resistance.

Ethereum is slowly moving higher and it broke the key $2,500 resistance zone.
The price is now trading well above $2,500 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if it breaks the main $2,750 resistance zone in the near term.

Ethereum Price Is Gaining Momentum
Ethereum started a decent upward move from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.
A high was formed near $2,746 before the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ether declined below the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high.
It is now trading well above $2,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $2,750 level and the recent higher. A close above the $2,750 level could start a major increase towards the $2,850 level. The next major resistance is near the $3,000 zone.
Dips Limited in ETH?
If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,600 zone and the channel trend line.
A downside break below the channel support could push the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high is also near the $2,510 level. The next key support is near the $2,450 level. Any more losses could lead the price towards the $2,400 support in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,750

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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