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Ethereum nears $3,000 amid continued price surge

Ethereum nears $3,000 amid continued price surge

GrafaGrafa2024/11/09 00:37
By:Isaac Francis

Ethereum (CRYPTO:ETH) has seen a significant price increase, breaking past the $2,720 resistance and rising by over 10% to approach the crucial $3,000 mark.

This upward movement follows a climb above the $2,650 and $2,750 levels, placing ETH in a bullish zone and outpacing Bitcoin's (CRYPTO:BTC) recent performance.

ETH reached a high of $2,955, trading above $2,800 and the 100-hourly Simple Moving Average.

The hourly chart of ETH/USD, based on Kraken data, shows a bullish trend line with support at $2,820, indicating potential for further gains.

On the upside, Ethereum faces initial resistance at $2,920, with the main challenge at $2,950 and a significant barrier at $3,000.

Breaking through $3,000 could pave the way for ETH to reach the $3,120 level, and possibly move toward $3,250 if momentum continues.

However, if Ethereum fails to surpass the $2,950 resistance, a short-term correction could occur.

Initial support lies around $2,850, with the main support at $2,820, near the trend line.

A decline below this point might push the price back to the $2,720 level.

Further losses could see ETH retreat to $2,650, with the next major support at $2,550.

Ethereum’s bullish trend is backed by the recent price action, where it remained above the 23.6% Fib retracement of the move from the $2,355 swing low to the $2,955 peak.

If Ethereum maintains its current momentum and clears the resistance levels, it may continue its upward trajectory.

Investors are watching closely to see if ETH can overcome the $3,000 mark and sustain the gains for a potential rise to $3,250.

At the time of reporting, the Ethereum price was $2,903.29.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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