Ethereum began a steady rebound above the $2.980 resistance level against the US Dollar. The ETH price now faces a significant resistance at $3,080 to $3,100.
- Ethereum began a significant upside correction at $2,880.
- Now, the price trades above $3,000 as well as the simple moving average of 100 hours.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $3,070 (data feed via Kraken).
- For a strong upward movement to begin, both the pair must reach $3,080, and then $3,100.
Ethereum Price Recouvres All Losses
Ethereum continued to fall below the $2980 level and the 100-hourly simple moving average. Even though Ethereum spiked to below $2,900, it still found major support at $2,880.
Near $2,880 was the low point and then prices began to rise steadily. The price moved above the $3,000 and $2,980 resistance levels. The Ether price now trades above the $3,000 resistance level and the simple 100-hour moving average.
The price has been consolidating its gains and has reached a high of $3,068. It trades above the 23.6% Fib level, which is the level of the last increase, from the $2880 swing low, to the $3,068 high. Surprisingly, a resistance level is near $3,070.
On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $3,070. Next major resistance will be at the $3,080 or $3,100 levels.
Source: TradingView.com ETHUSD
The near-term trend could be initiated by a move up if the level is close to $3,100. Near the $3.150 or $3.220 level, could come next major resistance.
New Decline in the ETH
If the ethereum price does not rise above $3,100, then it may begin a downward correction. Initial support for the downside lies near the $3,020 level and the 100-hourly simple moving average.
It is close to the $2980 level. The Fib level at 50% is the retracement of the increase in price from $2,880 low to $3,068 high. The price may fall further if it breaks below $2,980. This scenario could lead to a decline towards $2,880.
Technical Indicators
Hourly 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 – $3,100
