TA: 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. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $3,020 level. The first major resistance is near the $3,050 level. A break above the $3,050 level could start a steady increase. The next main resistance is still near the $3,150 and $3,165 levels, above which the price might accelerate higher. ...