Ethereum’s price is rising above $3,080 against the US dollar. The ETH price may rise if it moves clear above the $3.080 resistance.
- Ethereum was well supported at the $2,900 support level.
- The current price trades above $2,920.
- A key bullish trendline is emerging with support at $2,985 (data feed via Kraken).
- It is currently consolidating at $3,000 and may continue to rally in the immediate term.
Ethereum price sees more gains
Ethereum dropped below the $2,950 support level. ETH remained well supported in the $2900 area and is currently at or near the 100 hourly simple moving mean.
It began a new rise above the $3,000 barrier. Ether went above $3,050. The price has been consolidating its gains since a high was reached near $3,080. The price fell slightly below $3,050. Below the 23.6% Fib Retracement Level of the upward movement from $2,926 low to $3,080 high, the price fell below.
ETH consolidating now near $3,000 is well ahead of the simple moving average 100 hours. On the hourly chart for ETH/USD, there is a bullish trend line with support at $2,985 and a pivotal bearish trend line.
Source: TradingView.com ETHUSD
The initial resistance for the upside is located near the $3.065 level. Near the $3,080 mark is the first significant resistance. To start another rise, the price of ether must break through the $3.080 resistance. The price could rise to the $3,120 mark in the above scenario. In the coming sessions, any further gains could lead to a push towards the $3.250 resistance zone.
What is the Downside to ETH?
If the $3,080 mark is not reached, ethereum could begin a downward correction. The $3,000 level is the initial support for the downside.
Near the trend line and at the $2,980 support level is the next significant support. Price could drop further below $2,980 if there is a downside breakout. If this happens, then the price may drop to $2,000.
Technical Indicators
Minutely MACD – MACD for Ethereum/USD has been losing speed in bullish zones.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $2,980
Major Resistance Level – $3,080
