Ethereum seeks an upward correction of $3,000 to the US Dollar. The ETH price needs to surpass $3,130 in order for the 100-hourly SMA level to remain higher.
- Ethereum has begun an upside correction since the $2950 zone.
- The current price trades below $3,000.
- On the hourly chart of Ethereum/USD, there was a breakout over a crucial bearish trend line. Resistance is near $3,000. (Data feed via Kraken).
- Although the pair may recover, upsides could be limited to $3,130.
Ethereum Price Faces Hurdles
Ethereum established a base at the level of $2,950 and began a new increase. ETH moved into a positive short-term zone by breaking the $3,000 resistance level.
The resistance at $3,020 was breached. Ether cleared the 23.6% Fib level of the pivotal drop from the $3.310 swing high to the $2.951 low. A break was also observed above the key bearish trendline with resistance at $3,035 in the hourly chart for ETH/USD.
The price has traded above $3,050. An initial resistance near the $3.085 level is visible on the upside. Near the $3130 level, and the 100 hourly simplemoving average is where the next significant resistance.
Also, the Fib retracement of the key fall from $3,310 swing low to $2,951 high is at 50%. An increase in the level above $3,130 and the 100-hourly simple moving average could signal a good recovery wave.
Source: TradingView.com, ETHUSD
Next major resistance may be at the $3170 mark. If the price moves above the resistance of $3,170, it could be a sign that the market is moving above $3,200. If the above scenario is true, then the price might rise to the $3,250 level.
New Decline in the ETH
It could begin a new decline if it fails to create a wave of recovery above $3,130. Near the $3,020 area is initial support.
Next is $2,950. A downside breakout below the $2950 level could cause a further decline. There is the possibility of price moving towards the $2840 level in this scenario.
Technical indicators
Minutely MACD – Slowly, the MACD for USD/ETH is gaining momentum in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $2,950
Major Resistance Level – $3,130
