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Ethereum Price Sets Sights on Upside Break: Indicators Turn Green

Source Newsbtc

Ethereum price is moving higher above the $3,080 resistance zone. ETH could gain bullish momentum if there is a close above the $3,150 resistance.

Ethereum is slowly moving higher above the $3,050 level.
The price is trading above $3,050 and the 100-hourly Simple Moving Average.
There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above the $3,150 resistance zone.

Ethereum Price Could Extend Gains Above $3,150

Ethereum price extended its recovery wave above the $3,000 resistance zone. ETH even climbed above the $3,050 resistance. There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD.

The pair even spiked above the $3,110 resistance, outperforming Bitcoin. It tested the $3,150 resistance zone. A high was formed at $3,149 and the price is now consolidating gains. There was a minor decline below $3,120. The price tested the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high.

Ethereum is now trading above $3,050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,120 level.

The first major resistance is near the $3,150 level. The next major hurdle is near the $3,220 level. A close above the $3,220 level might send Ether toward the $3,320 resistance. The next key resistance is near $3,400. An upside break above the $3,400 resistance might send the price higher toward the $3,500 resistance zone in the coming days.

Another Decline In ETH?

If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near $3,080. The first major support sits near the $3,020 zone and the 50% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high.

A clear move below the $3,020 support might push the price toward $2,955. Any more losses might send the price toward the $2,880 support level in the near term.

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 zone.

Major Support Level – $3,020

Major Resistance Level – $3,150

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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