December 6, 2022

TA: Ethereum Gains Traction, Why ETH Could Soon Retest $3K

2 min read

Ethereum gained speed above the $2,550 resistance zone versus the US Dollar. ETH cost is selling a positive zone and it might rally if it breaks the $2,750 resistance.

  • Ethereum is gradually moving higher and it broke the key $2,500 resistance zone.
  • The cost is now trading well above $2,500 and the 100 per hour simple moving average.
  • There is a crucial increasing channel forming with assistance near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The set might speed up higher if it breaks the main $2,750 resistance zone in the near term.

Ethereum Price Is Gaining Momentum

Ethereum started a good upward relocation from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.

A high was formed near $2,746 prior to the rate started a drawback correction. There was a break listed below the $2,700 and $2,650 levels. Ether decreased listed below the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high.

It is now trading well above $2,500 and the 100 per hour easy moving average. There is also a key rising channel forming with assistance near $2,640 on the per hour chart of ETH/USD.

Ethereum Price

 Source: ETHUSD on On the benefit

, an instant resistance is near the $2,700 level. The first major resistance is near the $2,750 level and the current higher. A close above the $2,750 level could begin a significant increase towards the $2,850 level. The next significant resistance is near the $3,000 zone.

Dips Limited in ETH?

If Ethereum stops working to clear the $2,700 and $2,750 resistance levels, it could begin a downside correction. A preliminary support on the drawback is near the $2,600 zone and the channel pattern line.

A downside break below the channel support might press the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward relocation from the $2,277 swing low to $2,746 high is likewise near the $2,510 level. The next crucial assistance is near the $2,450 level. Any more losses could lead the cost towards the $2,400 assistance in the near term.

Technical Indicators

Per hour MACD— The MACD for ETH/USD is slowly acquiring pace in the bullish zone.

Hourly RSI— The RSI for ETH/USD is currently above the 50 level.

Major Support Level –– $2,500

Significant Resistance Level –– $2,750