#Ethereum Takes the Lead — Outpaces Bitcoin in Market Rally
Ethereum price again rose beyond $3,020. ETH is consolidating gains and may fall below $3,040.
Ethereum rose again over $3,040.
The price is at $3,050 and the 100-hour SMA.
ETH/USD has broken above a negative trend line with resistance at $2,990 on the hourly chart.
If it stays over $3,000, the pair may rise again.
Ethereum Price Rises Above $3,000
Ethereum price rose beyond $2,880, outperforming Bitcoin. ETH price moved over $2,950 barrier and entered a bullish zone.
Bulls drove prices over $3,050. ETH/USD price broke above a negative trend line with resistance at $2,990 on the hourly chart. The $3,150 zone was examined last. After reaching $3,152, the price is consolidating gains above the 23.6% Fib retracement line of the upward run from $2,935 swing low to $3,152 high.
Ethereum is over $3,000 and the 100-hour SMA. Price may find resistance at $3,120 on the upside. Around $3,150 is the next major resistance. Around $3,220 is the first substantial resistance. A clean break over $3,220 might push the price above $3,300.
Above $3,300 barrier might lead to greater advances in the following sessions. Ether might soar to $3,420 or $3,450 in the short future.
Are ETH downsides limited?
Ethereum may fall if it fails to break $3,150. The downside has first support at $3,100. Near $3,040 is the first big support.
A decisive break below $3,040 might bring the market near $3,000. More losses might push the price beyond $2,950. Next important support is $2,880.
Tech Indicators
Hourly ETH/USD MACD is rising in the positive zone.
Hourly ETH/USD RSI is over 50.
Major Support: $3,000.
Major Resistance: $3,15
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