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Ethereum (ETH) Price Soars 5%, Can ETH Aim For $3K

Ethereum (ETH) price soars over 5% and there was a push toward $2,700. ETH is consolidating gains and might aim for a move toward $2,800 or $3K.

ETH Price Chart | Source: Coinstats

 

Ethereum Price Starts Fresh Surge

Ethereum price remained stable above the $2,420 resistance. ETH formed a base and started a fresh increase above the $2,500 resistance, outperforming Bitcoin.

There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD. 

The pair gained over 5% and there was a clear move above the $2,600 resistance. 

It even moved toward the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains.

There was a minor decline below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. 

It is also trading above $2,620 and the 100-hourly Simple Moving Average.

See Also: Franklin Templeton Has Applied For A Spot Ethereum ETF With The US SEC

If there is a fresh increase, the price could surge above the $2,660 level. On the upside, the first major resistance is near the $2,680 level. 

The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.

If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,630 level.

The next key support could be the $2,600 zone. 

A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. 

The main support could be $2,520 or the 100 hourly SMA. Any more losses might send the price toward the $2,400 level.

Technical Indicators

  • Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $2,630
  • Major Resistance Level – $2,680

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.

 

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