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Analysis

Ethereum Bulls Keep Pushing, Why Rally Isn’t Over Yet – NewsBTC

Ethereum is shifting increased above $3,050 towards the US Dollar. ETH price is buying and selling within the inexperienced zone and would possibly surge above $3,150.

  • Ethereum is slowly rising and displaying constructive indicators above the $3,000 assist zone.
  • The price is now buying and selling above $3,050 and the 100 hourly easy shifting common.
  • There is a significant bullish development line forming with assist close to $3,050 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair is consolidating close to $3,150 and would possibly prolong rally within the close to time period.

Ethereum Price Eyes More Upsides

Ethereum remained nicely bid above the $2,950 assist zone. ETH began one other enhance and cleared the $3,050 resistance.

There was additionally a transparent transfer above the $3,120 stage and the price settled above the 100 hourly easy shifting common. It traded to a brand new multi-week excessive at $3,147 and is at present displaying constructive indicators. It is buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $3,006 swing low to $3,147 excessive.

There can also be a significant bullish development line forming with assist close to $3,050 on the hourly chart of ETH/USD. On the upside, an preliminary resistance is close to the $3,150 stage.

Ethereum Price

Source: ETHUSD on TradingView.com

The subsequent main resistance is close to the $3,200 stage. Ether price may begin one other surge if there’s a clear transfer above the $3,200 resistance. In the acknowledged case, the price could maybe rise in direction of the $3,250 stage. Any extra positive aspects would possibly name for a transfer in direction of the $3,350 resistance zone within the coming classes.

Dips Limited in ETH?

If ethereum fails to begin a contemporary enhance above the $3,150 stage, it may begin a draw back correction. An preliminary assist on the draw back is close to the $3,110 zone. The subsequent main assist is close to the $3,070 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $3,006 swing low to $3,147 excessive.

The important assist is close to the $3,050 zone and the development line. A draw back break beneath the $3,050 assist zone would possibly push the price additional decrease. In the acknowledged case, the price would possibly drop to $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now shedding tempo within the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 60 stage.

Major Support Level – $3,050

Major Resistance Level – $3,150

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