Ethereum Price Rallies 5%, Why ETH Bulls Could Aim For $3K This Month

Ethereum price is up over 5% and there was a push toward $2,700. ETH is consolidating gains and might aim for a move toward $2,800 or $3,000.

  • Ethereum is consolidating gains below the $2,700 resistance zone.
  • The price is trading above $2,600 and the 100-hourly Simple Moving Average.
  • There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $2,630 support zone.

Ethereum Price Starts Fresh Surge

Ethereum price remained stable above the $2,420 resistance. ETH formed a base and started a fresh increase above the $2,500 resistance, outperforming Bitcoin.

There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD. The pair gained over 5% and there was a clear move above the $2,600 resistance. It even moved toward the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains.

There was a minor decline below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. It is also trading above $2,620 and the 100-hourly Simple Moving Average.

If there is a fresh increase, the price could surge above the $2,660 level. On the upside, the first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.

Source: ETHUSD on TradingView.com

If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,630 level.

The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. The main support could be $2,520 or the 100 hourly SMA. Any more losses might send the price toward the $2,400 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,630

Major Resistance Level – $2,680

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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