Ethereum saw a solid rise above the resistance of $2,920 against the US dollar. In order to keep rising, ETH will need to surpass $2,980 or $3,000 in the immediate future.
- Ethereum experienced a gradual recovery from the $2900 resistance.
- The current price trades above $2,900.
- A major bullish trendline is emerging with support at $2,900 (data feed via Kraken).
- To continue climbing, the pair needs to clear both $2,980 resistance and $3,000 resistance.
Ethereum Prices Start to Recover
Ethereum established a base at the $2,760 mark and began a steady rise. ETH gained more than the resistance levels of $2,850 and 2,880 to enter a positive zone.
Ether rose to above the $2,900 and 100-hourly moving average levels. Ether traded at $2,969 after hitting a high of $2,950. The price is consolidating gains under the $2,980 resistance.
It trades above 23.6% Fib level, which is the level of the last wave, from the $2.756 swing low, to the $2.969 high. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $2,900. A potential initial resistance can be seen at $2,970.
Source: TradingView.com, ETHUSD
Near the $2,980 mark is the first significant resistance. Now, the main breakout area is near $3,000 The tone could be set for an even larger rise if the price closes above $3,000 If the previous scenario is true, the price could reach the $3.150 threshold.
Dips supported in ETH
It could begin a downtrend correction if ethereum does not gain momentum above the resistance of $2,980. Near the $2920 area, there is initial support for the downside. Next is support at or near the trend line, which is located around the 2,900 level.
The trend line support may be breached if there’s a downturn. If this happens, the price could test the 50% Fib Retracement level from the wave that went from $2,756 high to low to $2.969 high. If there are more losses, ether price might test the $2850 support level and the 100-hourly simple moving average.
Technical indicators
Hourly MACD – Positive signals are being shown by the MACD of ETH/USD in bullish territory.
Hourly RSI – The RSI of ETH/USD has corrected from its 80-level.
Major Support Level – $2,900
Major Resistance Level – $2,980