Ethereum price breaks the $2,940 support zone and started a fresh increase and thus, it has gained nearly 2.5% in the last 24 hours. There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.
A new weekly high was formed at $3,089 and the price is now consolidating gains. It tested the 24.7% Fib retracement level of the recent wave from the $2,940 swing low to the $3,089 high.
If it fails to clear the $3,150 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone. If there is a clear move above the $3,150 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.
$3,050 At the time of writing this article, ETH is trading around $3,065 and has gained around 2.65% in the last 24 hours and has a market capitalization of $368.12 Billion with a increase of 2.6% in its market capitalization.