Ethereum
Ethereum Price Signals Further Rise Unless It Breaks Above $3,080
Ethereum price triggered a recovery wave from the $2,940 support. ETH could gain bullish momentum if it breaks the $3,055 and $3,080 resistance levels.
- Ethereum found support near $2,940 and began a steady increase.
- The price is trading near $3,030 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance at $2,990 on the ETH/USD hourly chart (data feed via Kraken).
- The pair needs to break above the $3,080 resistance to continue rising in the near term.
Ethereum price maintains support
Ethereum price extended losses below the $3,000 level as Bitcoin. Eventually, bulls appeared near $2,940 and ETH launched a recovery wave. A low formed at $2,936 and the price began an upward correction.
There was a decent increase above the $2,980 level. The price crossed the 23.6% Fib retracement level of the downward move from the $3,218 high to $2,936 low. Additionally, there was a breakout above a major level downtrend line with resistance at $2,990 on the ETH/USD hourly chart.
Ethereum is now trading near $3,030 and the 100 hourly simple moving average. Immediate resistance is near the $3,040 level and the 100 hourly simple moving average. The first major resistance is near the $3,080 level or the 50% Fibonacci retracement level of the downward move from the $3,218 high to $2,936 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,150, above which the price could gain ground and reach the $3,220 level. If there is a clear move above the $3,220 level, the price could move higher and test the $3,350 resistance. Any further gains could send Ether towards the $3,550 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $3,080 resistance, it could begin a further decline. Initial downside support is near the $3,000 level. The first major support lies near the $2,935 area.
The next support is near the $2,880 level. A sharp move below the $2,880 support could push the price towards $2,720. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,935
Major Resistance Level – $3,080