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

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

Keep reading this article on Newsbtc.com.

Leave a Reply