🚀Ethereum Price Approaches $3,200, and Bulls Are Just Beginning🚀

Ethereum began rising over $3,000 resistance.
The price is above $3,050 and the 100-hour SMA.

On the hourly ETH/USD chart, a bullish trend line with support around $3,080 is formed.

The pair may rise to $3,200 or $3,250 soon.

Ethereum Price Beats Bitcoin

Ethereum held over $2,880. ETH built a base and then rose past $3,000 barrier. It outperformed Bitcoin by 5%.

The price is holding gains after reaching a multi-week high at $3,121. It is trading above the 23.6% Fib retracement of the rising wave from $2,907 swing low to $3,121 high. On the hourly ETH/USD chart, a bullish trend line with support around $3,080 is formed.

Ethereum has surpassed $3,085 and the 100-hour SMA. The $3,120 level represents immediate upward resistance. Around $3,150 is the first substantial obstacle.

It may rally over $3,200, the next significant hurdle. Ether might surge to $3,280 if it breaks $3,200. Any more advances might challenge $3,320.

Does ETH Support Dips?

Ethereum may drop below $3,120 if it fails to break. The trend line and $3,080 provide first downward support.

The first substantial donation is about $3,000. Ether may challenge the 100-hourly Simple Moving Average below the 50% Fib retracement level of the bullish wave from the $2,907 swing low to the $3,121 high. The $2,960 area may be next support. A decisive break below $2,960 might push the price below $2,920. More losses might push the price near $2,860.


Tech Indicators

Hourly MACD - ETH/USD MACD is losing bullish momentum.

Hourly RSI: ETH/USD is over 50.

Major Support: $3,000.

Major Resistance: $3,120

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