Ethereum was able to maintain a constant increase of $3,000 over the US Dollar. The ETH market price fell to close to $3,050. It then began a downtrend.
- Ethereum underwent a downtrend after failing to surpass $3,050.
- The current price trades above $2,900.
- On the hourly chart for ETH/USD, there is a significant contracting triangle with resistance at $2,965 (data feed via Kraken).
- The pair consolidates above $2,900. There may be an increase soon.
Ethereum’s Price Supported
Ethereum saw a gradual increase in price above the $2.850 resistance zone. ETH has cleared the $2920 and $2950 resistance levels in order to continue its climb into a positive zone.
It even accelerated above the $3,000 mark and settled higher than the simple moving average of 100 hours. An all-time high was reached at $3,054, but the price has since corrected its losses. The price corrected just a little below the $3,000 support area.
It fell below 50% Fib Retracement of the upward swing from the $2885 swing low and $3,054 peak. The 100-hourly simple moving average and $2900 are now the highest levels of trading.
A major contracting triangle is also visible with resistance close to $2,965 in the hourly chart. Triangle support lies near the 76.4% Fib level of the upward movement from $2,885 low to $3,054 high.
Source: TradingView.com, ETHUSD
The price could break the resistances of $2,965 or $2,980 if there’s a new increase. Near the $3,000 mark is the first significant resistance. For another upswing to occur, the price must break through $3,000 of resistance. The price could rise to the $3,050 mark in the above scenario. The price may move up towards the $3,120 resistance in the following sessions if it gains more.
Are you looking for a downside break in ETH
If the $3,000 mark is not reached, ethereum could experience a correction. The trend line support is close by and the $2,940 provides initial support for the downside.
Near the 2 925 support zone and the 100 hourly SMA is the next important support. The price could fall further if it breaks below the $2925 support zone. The price could drop as low as $2,850 in the above scenario.
Technical indicators
Hourly MACD – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $2,925
Major Resistance Level – $3,000