Ethereum Gains Traction, Why ETH Could Soon Retest $3K

Ethereum gained pace above the $2,550 resistance zone against the US Dollar. ETH price is trading in a positive zone and it could rally if it breaks the $2,750 resistance.

Ethereum is slowly moving higher and it broke the key $2,500 resistance zone.
The price is now trading well above $2,500 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if it breaks the main $2,750 resistance zone in the near term.

Ethereum Price Is Gaining Momentum
Ethereum started a decent upward move from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.
A high was formed near $2,746 before the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ether declined below the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high.
It is now trading well above $2,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $2,750 level and the recent higher. A close above the $2,750 level could start a major increase towards the $2,850 level. The next major resistance is near the $3,000 zone.
Dips Limited in ETH?
If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,600 zone and the channel trend line.
A downside break below the channel support could push the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high is also near the $2,510 level. The next key support is near the $2,450 level. Any more losses could lead the price towards the $2,400 support in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,750

bitcoin
Bitcoin (BTC) $ 25,570.85
ethereum
Ethereum (ETH) $ 1,809.20
tether
Tether (USDT) $ 0.999052
bnb
BNB (BNB) $ 276.12
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.504263
staked-ether
Lido Staked Ether (STETH) $ 1,806.51
cardano
Cardano (ADA) $ 0.349299
dogecoin
Dogecoin (DOGE) $ 0.066435
solana
Solana (SOL) $ 19.54
matic-network
Polygon (MATIC) $ 0.808498
tron
TRON (TRX) $ 0.078725
litecoin
Litecoin (LTC) $ 86.63
polkadot
Polkadot (DOT) $ 5.03
binance-usd
Binance USD (BUSD) $ 1.00
avalanche-2
Avalanche (AVAX) $ 13.95
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 25,614.86
uniswap
Uniswap (UNI) $ 4.72
leo-token
LEO Token (LEO) $ 3.51
chainlink
Chainlink (LINK) $ 6.09
cosmos
Cosmos Hub (ATOM) $ 9.90
okb
OKB (OKB) $ 44.25
monero
Monero (XMR) $ 142.41
the-open-network
Toncoin (TON) $ 1.66
ethereum-classic
Ethereum Classic (ETC) $ 17.04
stellar
Stellar (XLM) $ 0.087446
bitcoin-cash
Bitcoin Cash (BCH) $ 108.32
true-usd
TrueUSD (TUSD) $ 0.998485
lido-dao
Lido DAO (LDO) $ 2.24
internet-computer
Internet Computer (ICP) $ 4.27
filecoin
Filecoin (FIL) $ 4.19
quant-network
Quant (QNT) $ 114.69
aptos
Aptos (APT) $ 7.84
crypto-com-chain
Cronos (CRO) $ 0.058415
hedera-hashgraph
Hedera (HBAR) $ 0.048231
arbitrum
Arbitrum (ARB) $ 1.12
near
NEAR Protocol (NEAR) $ 1.48
vechain
VeChain (VET) $ 0.018356
apecoin
ApeCoin (APE) $ 3.12
the-graph
The Graph (GRT) $ 0.115444
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999242
algorand
Algorand (ALGO) $ 0.135628
the-sandbox
The Sandbox (SAND) $ 0.505782
eos
EOS (EOS) $ 0.840665
elrond-erd-2
MultiversX (EGLD) $ 36.18
rocket-pool
Rocket Pool (RPL) $ 46.91
optimism
Optimism (OP) $ 1.42