TA: Why Ethereum (ETH) Looks Ready For Another Leg Higher Over $3K

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,252,193,955,250	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,252,193,955,250

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	337.46	0.53%	63,748.78	63,747.88	63,748.19

Price Change

Price Change %

Current Price

Bid Price

Offer

337.46

0.53%

63,748.78

63,747.88

63,748.19

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,333.33	63,418.33	63,472.78	63,411.32	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,333.33

63,418.33

63,472.78

63,411.32

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:44:39	0.000210	63,748.78	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:44:39

0.000210

63,748.78

USD

Price x Volume	Volume	Base Symbol	Related Pairs
116,852,435.28	1,829.71	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

116,852,435.28

1,829.71

TA: Why Ethereum (ETH) Looks Ready For Another Leg Higher Over $3K

05/08/2021 6:08am

NEWSBTC

Ethereum started a strong rally above the $2,550 resistance against the US Dollar. ETH price is now consolidating gains and it could rise further towards $3,000. Ethereum gained pace after it broke the key $2,550 resistance zone. The price is now trading well above $2,600 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher as long as it is above the $2,550 support zone. Ethereum Price Starts Fresh Rally Ethereum formed a support base above the $2,450 zone. As a result, there was a fresh increase and ETH price climbed above the $2,550 resistance zone to enter a bullish zone, outpacing bitcoin. There was also a break above a major bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD. The pair gained pace above the $2,600 level and it settled nicely above the 100 hourly simple moving average. A high was formed near $2,770 and the price is now correcting gains. It broke the $2,700 support level. Ether price even declined below the 23.6% Fib retracement level of the recent rally from the $2,461 swing low to $2,770 high. Source: ETHUSD on TradingView.com It is now consolidating above the $2,665 support zone. On the upside, an immediate resistance is near the $2,720 level. The next key resistance is near the $2,750 level. A clear break and close above the $2,750 and $2,770 resistance levels might start another increase. In the stated case, the price could rally above $2,800. The next stop for the bulls may possibly be near the $3,000 level. Dips Limited in ETH? If ethereum fails to continue higher above the $2,750 and $2,770 resistance levels, it could start an extended downside correction. An immediate support on the downside is near the $2,665 level. The next major support is near the $2,620 level. It is near the 50% Fib retracement level of the recent rally from the $2,461 swing low to $2,770 high. Any more losses could lead the price towards the $2,550 support zone and the 100 hourly simple moving average. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level. Major Support Level – $2,620 Major Resistance Level – $2,750

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