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Ethereum (ETH) Gearing For Another Lift-Off, 100 SMA Is The Key

Ethereum started a fresh increase above the $3,000 resistance against the US Dollar. ETH price is now consolidating gains and it could surge further above $3,200.

Ethereum found support near $2,900 and it started a fresh increase.
The price is now trading above $3,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to resume its rally once it clears the $3,200 and $3,300 resistance levels.

Ethereum Price Eyes More Upsides
Ethereum started a minor downside correction below the $3,000 support. However, ETH price remained well bid near the $2,900 level and the 100 hourly simple moving average.
A low was formed near $2,891 and the price started a fresh increase, similar to bitcoin. Ether was able to climb back above the $3,000 and $3,050 resistance levels. There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD.
The pair even cleared the $3,150 level, but it is again struggling to clear the $3,200 resistance zone. A high is formed near $3,191 and the price is now consolidating gains. There was a break below the 23.6% Fib retracement level of the recent wave from the $2,891 swing low to $3,191 high.
Ether tested the $3,050 support, where the bulls appeared. The 50% Fib retracement level of the recent wave from the $2,891 swing low to $3,191 high is also near $3,050. On the upside, an immediate resistance is near the $3,150 level. The next key resistance is near the $3,200 level.

Source: ETHUSD on TradingView.com
A clear break and close above the $3,180 and $3,200 resistance levels might start another increase. In the stated case, the price could rally above $3,300. The next stop for the bulls may possibly be near the $3,480 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,180 and $3,200 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,080 level.
The next major support is near the $3,040 level. The main support is now forming near $3,000 and the 100 hourly SMA. Any more losses could lead the price towards the $2,880 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,040
Major Resistance Level – $3,200

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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