Ethereum gained support close to $2,830. It also recovered some losses against USD Dollar. The ETH price may continue rising if it remains above the 100 hourly SMA.
- Ethereum began a solid recovery wave higher than the $2,900 resistance area.
- Now, the price trades above $3,000 as well as the simple moving average of 100 hours.
- On the hourly chart of Ethereum/USD, there was resistance close to $2,000.
- A clear move over $3,060 could lead to an increase in the pair.
Ethereum Price Looks Upside Down
Ethereum experienced a downward correction just below the $3,000 level and the $100 hourly simple moving mean. ETH however found support at $2,830, which provided a foundation for a new increase.
Price climbed higher than the resistances of $2900 and $2920. A move was seen above the 23.6% Fib Retracement level for the main decline, from $3,283 swing highs to $2,832 lows. A break was also seen above the major channel of declining resistance at $2,920 in an hourly chart for ETH/USD.
Ether trades above $3,000 at the moment and is well within the hourly moving average of 100 hours. A resistance level is located near $3,040. Near the $3,060 mark is the first significant resistance.
Source: TradingView.com ETHUSD
The Fib retracement of 50% from the $3.283 swing high and $2.832 low levels coincides. Another increase could be possible if the price closes above $3,060. If this is the case, then the price might rise above the $3,100 level and the $3,110 level. The price could reach the $3,250 mark if there are more gains. A level of intermediate resistance lies near $3,200.
Is there a new decline in ETH?
If ethereum does not see a significant increase in price above $3,000.050 or $3,000.060, then it might begin to fall. Initial support is at the $2,980 mark.
Near the $2,960 and 100 hourly simple moving levels is the next support. The price could reach $2,920 if it breaks below $2,960. There is an opportunity for a greater decline below the $2850 level. If the previous scenario is true, then the price could reach $2,680.
Technical indicators
Minutely MACD – In the bullish zone, the MACD of ETH/USD has been losing momentum.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $2,960
Major Resistance Level – $3,060
