ETH Smashed Heavy Resistance Above $3000, What’s Next?

ETH smashed heavy resistance above $3000 and gained some bullish momentum against the US dollar but what is next for the traders? Can the coin face hurdles near the $3200 level? Let’s find out in today’s latest Ethereum news.

Ethereum found support and started a new increase above the $3000 level with the price now trading above the 100 hourly simple moving average as well. There was a break above the key bearish trend line with the resistance near $3010 on the hourly charts of the pair which could accelerate higher but the $3200 barrier could prevent even more gains. ETH formed a base for a new increase above the $2800 resistance and was able to surpass a lot of hurdles near the $2880 levels. It then settled above the $3000 resistance and the 100 hourly moving average but there was a break above the key bearish trend line with the resistance moving $3010 on the hourly charts of the pair whcih is now trading above the $3050 level.

A new high is formed near $3089 and the price could continue to increase. Ether is trading well above the 23.6% fib retracement level from the upwards move of $2952 swing low to $3089 high and the immediate resistance on the upside is near the $3120 level with a clear move above this level sending the price to a new hurdle at $3200. the bears could make a stand near the $3200 level and if they fail the ETH price could surge to the $3420 level in the near term. If ETH fails to continue higher above $3120 it could bring another correction to the downside again and the initial support is set at $3040 level with the first support being near the $3020 level.

ETH Smashes heavy resistances and now it is near the 50% fib retracement level from the upwards move of $2952 low to $3089 high. The downside break below this level could push the price even lower with the next major support being near the $2920 level and the 100 hourly SMA below which there’s another risk of a sharp decline. The price in this case could even drop to $2800. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI is above 50 levels.

Also as reported recently, A bullish ETH options trade targeted a $3K price tag with zero liquidation risks as the crypto markets start to turn around and raise opportunities for the risk-averse traders to use the Long Condor options strategy and long the second-biggest cryptocurrency.

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• Source: https://www.dcforecasts.com/ethereum-news/eth-smashed-heavy-resistance-above-3000-whats-next/