Ethereum has seen a solid recovery since its $2,800 loss against the US dollar. ETH now stands at $3,000, and the market expects a big increase over the $3,000.35 resistance.
- Ethereum experienced a significant recovery above $2,900, $2,950.
- The price traded at $2,950 above the simple moving average of 100 hours.
- On the hourly chart of Ethereum/USD, there was a breakout above a crucial bearish trend line. Resistance is near $2950. (Data feed via Kraken).
- To accelerate higher than $3,035, the pair must remain above $2,980.
Ethereum Price Dives
Ethereum continued to fall below the $2850 support level. However, ETH showed strong buying interest around the $2800 mark. The price began a strong upward movement after forming a low at $2,800.
Clear movement was seen above the resistance levels of $2,880, $2,920. The 50% Fib Retracement level for the crucial decline of $3,179 to $2,800 was exceeded by Ether. On the hourly chart, ETH/USD showed a breakout above a bearish trend line that was near resistance of $2,950.
The current price trades above the $2,950 level and the 100-hourly simple moving mean. The price is consolidating at the $3,000 mark. Surprisingly, a resistance level is near $3,035.
Source: TradingView.com, ETHUSD
Near the $3.035 mark is the 61.8% Fib Retracement Level of the Key Decline from $3,179 swing highs to $2,800 lows. An increase in the level above the $3,000.35 resistance could signal another move. Near the $3,090 mark is the next significant resistance. The price could move towards the $3180 barrier if it gains more. The price may rise to $3,250 if it moves above $3,180.
Dips Limited in Ethereum?
Ethereum could experience a downward correction if it fails to grow above the $3.035 level. The $2,980 area is the first support for the downside.
Near the $2,950 support and the 100-hourly simple moving average is the first significant support. The price may begin to fall if it breaks below the $2950 level. Near the $2.915 area, which is where there are most of the key supports, is the risk that prices could move to $2.850 below.
Technical indicators
Minutely MACD – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $2,980
Major Resistance Level – $3,035
