Ethereum Breaks Key Resistance, Here’s Why ETH Could Test $3K

Ethereum extended its upward move above the $2,750 resistance zone against the US Dollar. ETH price is showing positive signs and it could rise towards $3,000 or even higher.

Ethereum extended its recovery wave above the $2,650 and $2,750 levels.
The price is now trading above the $2,700 support and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now showing signs of more gains above $2,900 and $2,950.

Ethereum Price Remains Well Bid
Ethereum remained supported above the $2,500 level and it extended its recovery wave. There was a break above the $2,600 and $2,650 resistance levels, opening the doors for a steady increase.
There was a clear break above the 61.8% Fib retracement level of the downward move from the $2,742 high to $2,375 low. Moreover, there was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD.
Ether price is now trading above the $2,700 support and the 100 hourly simple moving average. It cleared the last swing high near $2,742 and it is now trading above $2,800.

Source: ETHUSD on TradingView.com
Besides, it is testing the 1.236 Fib extension level of the downward move from the $2,742 high to $2,375 low. If there are more gains, the price could test the $2,950 resistance. The next major resistance is near the $3,000 level, above which the price could rally towards the $3,000 level.
Dips Limited in ETH?
If Ethereum fails to continue higher above the $2,900 and $2,9500 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,750 zone.
The first key support is near the $2,650 level. Any more losses could lead the price towards the $2,550 support zone and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $2,750
Major Resistance Level – $2,950

bitcoin
Bitcoin (BTC) $ 27,113.26
ethereum
Ethereum (ETH) $ 1,888.39
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.53
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.516454
staked-ether
Lido Staked Ether (STETH) $ 1,887.36
cardano
Cardano (ADA) $ 0.372436
dogecoin
Dogecoin (DOGE) $ 0.072148
matic-network
Polygon (MATIC) $ 0.903505
solana
Solana (SOL) $ 21.03
litecoin
Litecoin (LTC) $ 94.62
tron
TRON (TRX) $ 0.076309
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.35
dai
Dai (DAI) $ 0.999561
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,138.27
uniswap
Uniswap (UNI) $ 5.05
leo-token
LEO Token (LEO) $ 3.58
chainlink
Chainlink (LINK) $ 6.42
cosmos
Cosmos Hub (ATOM) $ 10.55
okb
OKB (OKB) $ 46.01
monero
Monero (XMR) $ 145.86
the-open-network
Toncoin (TON) $ 1.79
ethereum-classic
Ethereum Classic (ETC) $ 18.03
stellar
Stellar (XLM) $ 0.092139
bitcoin-cash
Bitcoin Cash (BCH) $ 114.58
filecoin
Filecoin (FIL) $ 4.98
internet-computer
Internet Computer (ICP) $ 4.82
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.18
aptos
Aptos (APT) $ 9.00
quant-network
Quant (QNT) $ 118.54
hedera-hashgraph
Hedera (HBAR) $ 0.050867
arbitrum
Arbitrum (ARB) $ 1.20
crypto-com-chain
Cronos (CRO) $ 0.059455
vechain
VeChain (VET) $ 0.019936
near
NEAR Protocol (NEAR) $ 1.58
the-graph
The Graph (GRT) $ 0.130223
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.151543
the-sandbox
The Sandbox (SAND) $ 0.563578
paxos-standard
Pax Dollar (USDP) $ 0.999665
frax
Frax (FRAX) $ 0.999837
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.903390
rocket-pool
Rocket Pool (RPL) $ 49.26
elrond-erd-2
MultiversX (EGLD) $ 37.22