๐ฅ Ethereum Heating Up โ But Can It Handle the Pressure at $3K?
Ethereum price gained support around $2,320 and began a new climb. ETH is presently gaining and can try for a breakthrough over the $2,650 barrier zone.
Ethereum began a good climb over the $2,450 and $2,500 levels.
The price is over $2,500 and the 100-hour SMA.
ETH/USD's hourly chart broke above a bearish trend line with resistance at $2,530.
If it breaks $2,650, the pair may strengthen.
Ethereum Price Rises
Ethereum corrected below $2,450, unlike Bitcoin. ETH traded below $2,400 and $2,350. However, bulls were active at $2,300.
Price rose after a low of $2,308. Prices rose over $2,450 and $2,500. The price broke the 61.8% Fib retracement barrier of the $2,583 swing high to $2,308 low decline.
On the hourly ETH/USD chart, a connecting bearish trend line with resistance at $2,530 broke. Ethereum is over $2,540 and the 100-hour SMA. The price is also above the 76.4% Fib retracement of the $2,583 swing high to $2,308 low decline.
Price may find resistance at $2,580 on the upside. Around $2,600 is the next major resistance. Near $2,650 is the first substantial resistance. A clean break over $2,650 might push the price above $2,720.
Above $2,720 barrier might lead to greater advances in the following sessions. Ether may rise to $2,780 or $2,840 in the short term.
Another ETH drop?
Ethereum may fall again if it fails to break $2,650. Around $2,520 is first downside support. First significant support is around $2,450.
A decisive break below $2,450 might bring the price below $2,420. If losses continue, the price may reach $2,320 support. Next important support is $2,250.
Tech Indicators
Hourly ETH/USD MACD is rising in the positive zone.
Hourly ETH/USD RSI is over 50.
Major Supportโ$2,450
Major Resistance: $2,650
