Yesterday, the level of 2750 dollars provided Ethereum with enough support to start rallying. As a result, the ETH/USD pair rose above $3000 and felt resistance above 3150 dollars. This morning we could see the Ethereum price correction. But the bulls managed to stop the correction above $3000 and give Ethereum a new impetus for growth. At the time of publication, the ETH/USD pair is trading around $3070.
On the hourly chart, a range is forming with borders in the areas of 2750 and 3170. At the same time, the ETH/USD pair is moving near the upper border of this range, above the 100-hour moving average. ETH/USD is getting immediate resistance around 3165 dollars. The passage of the area 3165-3200 will allow the ETH/USD pair to develop movement to the area of 3320 dollars.
If the bulls fail to support the rally, the bears will quickly seize the initiative. However, here they will face resistance in the area of $3000. The 100-hour MA provides additional support for the pair in the area. A breakout of this level will send the ETH/USD pair to the area of 2950 dollars.
The relative strength index adds confidence to the bulls, forming a line above the 50 level, signaling continued growth.