TA: Ethereum Reclaims $3K, Technicals Suggest More Upsides

Ethereum is moving higher above $3,000 against the US Dollar. ETH price could gain pace if there is a clear move above the $3,080 resistance. Ethereum remained well supported near the $2,900 support zone. The price is now trading above $2,920 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,985 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating near $3,000 and might extend rally in the near term. Ethereum Price Eyes More Gains Ethereum corrected lower below the $2,950 support zone. However, ETH remained supported near the $2,900 zone and the price is still well above the 100 hourly simple moving average. The price started a fresh increase above the $3,000 resistance. Ether even climbed above the $3,050 level. A high is formed near $3,080 and the price is now consolidating gains. There was a minor drop below the $3,050 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,926 swing low to $3,080 high. ETH is now consolidating near $3,000 and is well above the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,985 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $3,065 level. The first major resistance is near the $3,080 level. Ether price must clear the $3,080 resistance level to start an...