Ethereum Consolidates, Why Bulls Could Aim Fresh Rally
Ethereum is consolidating near the $3,000 zone against the US Dollar. ETH price could start a fresh rally if it clears $3,020 and $3,050.
Ethereum corrected lower, but it found support near the $2,950 zone.
The price is now trading above $2,950 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it clears the $3,020 and $3,050 resistance levels in the near term.
Ethereum Price Stuck Below Resistance
Ethereum extended its increase above the $3,000 level. ETH even tested the $3,050 zone before correcting lower, similar to bitcoin.
There was a downside correction below the $3,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $2,782 swing low to $3,050 low. However, downsides were limited below the $2,950 level.
Ether price is now trading above $2,950 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD.
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