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Why Ethereum (ETH) Looks Ready For Another Leg Higher Over $3K

Ethereum started a strong rally above the $2,550 resistance against the US Dollar. ETH price is now consolidating gains and it could rise further towards $3,000.

Ethereum gained pace after it broke the key $2,550 resistance zone.
The price is now trading well above $2,600 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher as long as it is above the $2,550 support zone.

Ethereum Price Starts Fresh Rally
Ethereum formed a support base above the $2,450 zone. As a result, there was a fresh increase and ETH price climbed above the $2,550 resistance zone to enter a bullish zone, outpacing bitcoin.
There was also a break above a major bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD. The pair gained pace above the $2,600 level and it settled nicely above the 100 hourly simple moving average.
A high was formed near $2,770 and the price is now correcting gains. It broke the $2,700 support level. Ether price even declined below the 23.6% Fib retracement level of the recent rally from the $2,461 swing low to $2,770 high.

Source: ETHUSD on TradingView.com
It is now consolidating above the $2,665 support zone. On the upside, an immediate resistance is near the $2,720 level. The next key resistance is near the $2,750 level. A clear break and close above the $2,750 and $2,770 resistance levels might start another increase. In the stated case, the price could rally above $2,800. The next stop for the bulls may possibly be near the $3,000 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $2,750 and $2,770 resistance levels, it could start an extended downside correction. An immediate support on the downside is near the $2,665 level.
The next major support is near the $2,620 level. It is near the 50% Fib retracement level of the recent rally from the $2,461 swing low to $2,770 high. Any more losses could lead the price towards the $2,550 support zone and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $2,620
Major Resistance Level – $2,750

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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