TA: Ethereum Steadies Above $3K, Why Upsides Could be Capped

Ethereum is attempting an upside correction above $3,000 against the US Dollar. ETH price must clear $3,130 and the 100 hourly SMA to continue higher. Ethereum started an upside correction from the $2,950 zone. The price is still trading below $3,100 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,035 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover, but upsides might be capped near the $3,130 level. Ethereum Price Faces Hurdles Ethereum formed a base above the $2,950 level and started a fresh increase. ETH broke the $3,000 resistance zone to move into a short-term positive zone. There was a move above the $3,020 resistance level. Ether was able to clear the 23.6% Fib retracement level of the key drop from the $3,310 swing high to $2,951 low. Besides, there was a break above a key bearish trend line with resistance near $3,035 on the hourly chart of ETH/USD. The price is now trading above the $3,050 level. On the upside, an initial resistance is seen near the $3,085 level. The next major resistance is near the $3,130 level and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $3,310 swing high to $2,951 low is also near the $3,130 level. A close above the $3,130 level and the 100 hourly simple moving average might start a decent recovery wave. Source: ETHUSD on TradingView.com The next majo...