TA: Ethereum Regains Strength But $3K Is Still A Major Hurdle

Ethereum started a decent increase above the $2,920 resistance against the US Dollar. ETH must clear $2,980 and $3,000 to continue higher in the near term. Ethereum started a steady recovery wave above the $2,900 resistance. The price is now trading above $2,900 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,980 and $3,000 resistance levels to continue higher. Ethereum Price Starts Recovery Ethereum formed a base above the $2,760 level and started a steady increase. ETH climbed above the $2,850 and $2,880 resistance levels to move into a positive zone. Ether even surged above the $2,900 level and the 100 hourly simple moving average. Finally, there was a spike above the $2,950 level and the price traded as high as $2,969. It is now consolidating gains below the $2,980 resistance zone. It is trading above the 23.6% Fib retracement level of the recent wave from the $2,756 swing low to $2,969 high. There is also a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD. On the upside, an initial resistance is seen near the $2,970 level. Source: ETHUSD on TradingView.com The first major resistance is near the $2,980 level. The main breakout zone is now near the $3,000 level. A close above the $3,000 level could set the tone for a larger increase. In the s...