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Ethereum is aiming for a key upside break, and $3K is the key

Above the $3,000 level and the 100 hourly simple moving average, Ethereum remained firmly supported. The price of ETH has risen above the $3,050 resistance level.

It even moved to a new high of $3,196 after breaking through the $3,120 resistance. It is currently consolidating its gains and trading below $3,150. Ether also tested the recent climb from the $2,832 swing low to $3,196 high’s 23.6 percent Fib retracement level.

Source : TradingView

The price, however, is more than $3,050 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $3,050.

Near the $3,150 mark, there is instant resistance. The $3,180 level is the first big resistance. The $3,200 level is the key resistance. A good close above $3,200 could signal the start of a new upward trend. In the above scenario, the price might reach $3,250, which is the next major barrier. Any further rises might push the price up to $3,320.

If ethereum fails to start a new uptrend over $3,150 or $3,180, it may begin a downtrend. On the downside, $3,110 serves as an initial support level. The trend line and the $3,050 level are the next big supports.

The trend line and the 100 hourly simple moving average are both slightly below the 50 percent Fib retracement level of the current advance from the $2,832 swing low to $3,196 high. A break below the trend line support on the downside might bring the price towards the $3,000 mark. If there are any more losses, the price might drop to $2,880.

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