Ethereum experienced a rebound above the $2800 mark against the US Dollar. To continue climbing higher, Ethereum must overcome the $2850 resistance.
- Ethereum began a significant recovery wave higher than the $2780 and $2800 levels.
- Price consolidating at above $28,820, and 100-hourly simple moving average.
- The hourly chart for ETH/USD showed a break above the major bearish trendline with resistance at $2,750 (data feed via Kraken).
- For the pair to move higher, they must pass both $2,850 resistance and $2,860 resistance.
Ethereum Price Faces Resistance
Below the $2,850 pivot point, Ethereum took a bearish turn. ETH was even trading below the $2,800 level of support and the 100 hourly simple moving mean.
The price traded at as low as $2718 prior to the appearance of bulls. The Ether price began an upward correction, and it climbed to $2750. It was able surpassing the $2,800 resistance. The price moved above 23.6% Fib resistance, which was the level at which the pivotal decline of $2,980 from its high point to the low of $2,718, occurred.
A break was also seen above the major bearish trendline with resistance at $2,750, on an hourly chart for ETH/USD. The pair has now stabilized above $2,820 as well as the 100 hourly simple moving mean.
The $2,850 level provides initial resistance. This is close to the 50% Fib level of the pivotal decline from $2,980 high to $2.718 low. Near the $2,880 mark is the next significant resistance. Another increase could be initiated if the resistance is broken above $2,880.
Source: TradingView.com ETHUSD
2.920 is the next significant resistance. The $3,000 resistance may be reached in the next few days if there are more gains.
Is there a new decline in ETH?
It could begin a new decline if it fails to move above the $2850 resistance. The $2,800 area is the initial support for the downside.
At the $2750 level, there is a first significant support. The price may revert to the crucial $2,720 support zone if it experiences a negative break below $2,750. A further decline to the $2,650 or even $2,620 level could be possible.
Technical Indicators
Minutely MACD – MACD for Ethereum/USD has been losing speed in bullish zones.
Hourly RSI – The RSI of ETH/USD is at or above 50.
Major Support Level – $2,800
Major Resistance Level – $2,850