Ethereum Eyes $3,000 Milestone Amid Bullish Surge

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Buoyed by a persistent bullish fervor, the price of Ethereum has steadfastly remained above the fundamental $2,720 support line. With a robust consolidation of gains over the $2,780 threshold, Ethereum’s market stance suggests a trajectory toward even further growth, potentially targeting the psychologically significant $3,000 resistance zone with vigor.

Amidst a vibrant trading environment, Ethereum has effectively maintained its value beyond the $2,800 mark, concurrently surpassing the 100-hourly Simple Moving Average—a technical indicator often regarded as a litmus test for short-term momentum. Adding to the optimistic outlook, there are discernible patterns on the hourly ledger, where two ascending trendlines have emerged at $2,825 and $2,780, embodying layers of support on the Ethereum versus US Dollar exchange data as captured by the Kraken platform.

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The upswing in Ethereum’s price narrative saw its zenith cresting at a multi-week apex of $2,869, outpacing the proverbial bears. This pinnacle was succeeded by a minor retraction below the $2,850 demarcation, where Ether fleetingly retracted beneath the 23.6% Fib retracement level of the ascending surge running from a swing low of $2,728 to its recent zenith.

Yet, the digital currency’s bulls hold their ground, buttressing the value above $2,800 and securing positions well within the embrace of the 100-hourly Simple Moving Average. The dual supportive trendlines further fortify the landscape.

Looking upward, short-term resistance looms near $2,880, yet more formidable hurdles await at $2,920, followed by a thrust toward $2,940. Surpassing these levels could set the stage for a confident assault on the $3,000 barricade.

Should the bull’s charge prove unyielding, we may witness Ethereum’s ascension to the $3,120 plateau, and conceivably further, to the $3,250 stratum.

Conversely, should Ethereum falter at the $2,880 resistance, a correctional phase may ensue. The first trench of defense lies at $2,825, safeguarded by the primary bullish contouring. Subsequently, the $2,780 support, aligned with the secondary trendline and adjacent to the 61.8% Fib retracement level, provides a strategic bulwark against bearish incursions. A decisive dip below this bastion risks a descent to the $2,720 region, challenging the 100 hourly SMA as a last stand before a potential fallback to the $2,600 domain.

Technical auguries like the Hourly Moving Average Convergence Divergence (MACD) further signal burgeoning bullish impulse, while the Relative Strength Index (RSI) perches above the median level, buoying the momentum of Ethereum’s price.

In the echelons of support and resistance, $2,780 and $2,880 respectively stand as the principal benchmarks. Ethereum’s performance within these parameters will chart the course of its near-term financial fate.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.