Home CryptocurrencyAnalysis Ethereum price rises 5%, why ETH bulls could aim for $3,000 this month

Ethereum price rises 5%, why ETH bulls could aim for $3,000 this month

by SuperiorInvest

Ethereum price is up more than 5% and there was a push towards $2,700. ETH is consolidating gains and could point to a move towards $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 via Kraken).
  • The pair could start a new rise if it holds above the $2,630 support zone.

Ethereum price begins new rise

Ethereum price remained stable above the $2,420 resistance. ETH formed a base and started a new rise 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 towards the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains.

There was a small drop below the $2,660 level. Ethereum is still trading above the 23.6% Fibonacci retracement level of the recent rally from the low of $2,472 to the high of $2,681. It is also trading above $2,620 and the 100 hourly simple moving average.

If there is a further increase, the price could surpass 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 could rise and test the resistance of $2,800.

Source: ETHUSD on TradingView.com

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

Are drops in ETH limited?

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

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

Technical Indicators

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

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

Main Support Level: $2,630

Main Resistance Level: $2,680

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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