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Ethereum’s price is surging, breaking past $2,920 and setting its sights on the $3,050 barrier. Can ETH smash through this resistance? A successful breach could ignite a rapid ascent, leaving previous highs in the dust.
- Ethereum started a fresh increase above the $2,920 and $2,950 levels.
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The price is trading above $2,950 and the 100-hourly Simple Moving Average. Ethereum bulls shrug off the bears! ETH/USD just smashed through resistance at $2,825, obliterating a pesky bearish trend line on the hourly chart (Kraken data). Is this the breakout we’ve been waiting for?
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The pair could continue to move up if it settles above the $3,050 zone.
Ethereum Price Eyes Upside Break
Ethereum’s price shrugged off gravity, stubbornly holding above $2,720 and igniting a new ascent, mirroring Bitcoin’s bullish momentum. ETH gathered steam, smashing through the $2,850 and $2,880 resistance barriers with impressive force.
Ethereum bulls charged past a short-term bearish trendline at $2,825, even surging beyond $2,950. Now, the battleground: a formidable barrier at $3,050. ETH peaked at $3,047 and is currently catching its breath, hovering above the 23.6% Fibonacci retracement of its recent ascent from $2,718 to that high. Will it gather strength for another push, or will the bears reclaim lost territory?
Ethereum’s price is surging past $2,950, riding the wave above the 100-hourly Simple Moving Average. Will it break the $3,000 barrier? Keep a close eye on the $3,050 resistance level – that’s where the bulls will face their next major test.
Ether is poised for a potential surge, but faces hurdles. A key resistance looms around $3,080, with the first major challenge at $3,120. Shattering the $3,120 barrier could ignite a rally towards $3,200. A decisive breakout above $3,200 could unleash significant upward momentum, potentially propelling Ether towards the $3,350 resistance zone, or even testing $3,380 in the short term.
Another Decline In ETH?
Ethereum’s rally stalls below $3,050, triggering a potential retreat. Watch for the first line of defense around $2,970. Should that crumble, the $2,880 zone – coinciding with the 50% Fibonacci retracement from its recent $2,718 low to $3,047 peak – stands as a critical support level to prevent a deeper plunge.
Breaking below $2,840 could trigger a rapid descent, with $2,800 acting as a temporary floor. But watch out – failure to hold that level might unleash a slide towards $2,750 in the short term. Critical defense lines stand at $2,720 and $2,710; breaches there could signal deeper trouble ahead.
Technical Indicators
Hourly MACD–The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI–The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,970
Major Resistance Level – $3,050
Thanks for reading Ethereum Rockets Higher Narrowing Distance to a Make-or-Break Resistance Line
