Ethereum Price Rockets Above $3K Again — Are Bulls Preparing the Next Leg Higher?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a recovery wave and surged above $3,000 0. ETH might continue to rise if it clears the $3,120 resistance. Ethereum started a recovery wave above $2,950 and $3,000. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2,880 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it settles above the $3,120 zone. Ethereum Price Rallies Over 5% Ethereum price managed to stay above $2,850 and started a recovery wave, like Bitcoin . ETH price was able to climb above the $2,880 and $2,950 levels. The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low. More importantly, the price surged above $3,000 . Besides, there is a key bullish trend line forming with support at $2,880 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low. Source: ETHUSD on TradingView.com If there is another upward move, the price could face resistance near the $3,120 level. The next key resistance is near the $3,150 level. The first major resistance is near the $3,165 level. A clear move above the $3,165 resistance might send the price toward the $3,220 resistance. An upside break above the $3,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,350 in the near term. Another Decline In ETH? If Ethereum fails to clear the $3,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,980 level. The first major support sits near the $2,920 zone. A clear move below the $2,920 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region in the near term. The next key support sits at $2,750 and $2,740. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,980 Major Resistance Level – $3,150