Ethereum Eyes $3,000 Milestone Amid Bullish Surge

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Positive momentum continues to build for Ethereum, with its price maintaining a steady ascent above the pivotal $2,850 support level. The digital currency is setting its sight on loftier targets as it eyes the coveted $3,000 resistance zone for potential gains.

In the realm of cryptocurrency, Ethereum’s graceful climb has been notably above the $2,800 support area, carving a trajectory of growth and stability. The extraordinary performance is reflected in the asset’s trading well above $2,850 and cruising past the 100-hourly Simple Moving Average.

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A closer examination of the hourly chart of ETH/USD, specifically via the Kraken data feed, reveals the formation of an auspicious bullish trend line with steadfast support near $2,910. The synergy between technical indicators and market behavior suggests a continued upward movement toward the $3,000 resistance zone could very well be on the horizon.

Ethereum Price Remains Supported

Ethereum’s price dynamics have demonstrated persistent demand, as it has continued to remain well supported while cautiously plotting a course above the $2,850 mark. ETH’s performance not only eclipsed the $2,920 resistance zone but also managed to outshine its esteemed peer, Bitcoin.

Yet, the $3,000 resistance zone remains untapped as of now. Ethereum’s price trajectory recently peaked at a new multi-week high near $2,984, and the market is now witnessing a phase of consolidation of these gains. Ether’s stability is particularly pronounced at the 23.6% Fib retracement level of the latest upswing from the $2,723 low to the $2,984 high.

Supporting the bullish climate is the aforementioned key trend line on the hourly chart of ETH/USD, affirming a trade above $2,850 and the 100-hourly Simple Moving Average.

Looking ahead, immediate resistance is perched near the $2,940 mark. Therein lies the first significant hurdle at about $2,985, followed closely by the crucial $3,000 threshold. A breakthrough above this barrier could see the price soar towards, and possibly beyond, the $3,050 resistance zone.

Should momentum carry Ethereum past $3,050, the path may be paved for a rally towards the $3,120 resistance. In such a scenario, a prompt ascend to the $3,250 level could materialize swiftly. Prospects of further gains loom, potentially beckoning a test of the more substantial $3,350 milestone.

Downside Correction In ETH?

On the flip side, should Ethereum falter at the $2,940 resistance, the stage could be set for a corrective phase. The first line of defense lies at the $2,910 level, anchoring the trend line zone.

Below this, the next discernible layer of support hovers around the $2,850 mark or the 50% Fib retracement level of the journey from the $2,723 swing low to the $2,984 high. Persistency below the $2,850 support could pull the price down towards $2,840, or even closer to the 100-hourly Simple Moving Average. The central bastion of support settles at $2,780, with further depreciation possibly steering the price towards the $2,720 mark in forthcoming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is intensifying in the bullish domain.

Hourly RSI – The RSI for ETH/USD is currently stationed above the 50 level.

Major Support Level – $2,850

Major Resistance Level – $2,940