Ethereum Approaches Next Major Break, $3K Is The Key

[Cz Rock]

Ethereum recovered nicely above the $2,750 resistance zone against the US Dollar. However, ETH price must clear $3,000 for a steady increase in the coming sessions.

Ethereum is up over 15% and it cleared the $2,750 resistance zone.
The price is still well below the $3,000 level and the 100 hourly simple moving average.
There is a crucial contracting triangle forming with resistance near $2,880 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $2,880 and $3,000 to move back into a positive zone in the near term.
Ethereum Price is Facing a Key Hurdle
Ethereum started a decent recovery wave and it climbed above the $2,500 barrier. ETH even surpassed the $2,650 resistance zone to move into a short-term positive zone, similar to bitcoin.

The price even cleared the $2,850 resistance. However, the bulls are facing a major resistance near the $3,000 level and the 100 hourly simple moving average. The recent high was near $3,006 and the price is now consolidating gains.

It is still well below the $3,000 level and the 100 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the upward move from the $2,158 swing low to $3,006 high.

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