BTC / USD
27,430.69
0.32%
(+88.16)
ETH / USD
1,635.77
0.76%
(-12.52)
XRP / USD
0.53
4.81%
(+0.02)
LTC / USD
64.13
2.39%
(-1.57)
EOS / USD
0.58
5.62%
(-0.03)
BCH / USD
228.81
2.24%
(-5.23)
ADA / USD
0.26
1.92%
(-0.01)
XLM / USD
0.11
2.1%
(0)
NEO / USD
7.07
2.11%
(-0.15)
XEM / USD
0.03
3.12%
(-0)
DASH / USD
26.80
2.39%
(-0.66)
USDT / USD
1.00
0.01%
(-0)
BNB / USD
212.47
0.48%
(-1.03)
QTUM / USD
2.20
2.33%
(-0.05)
XVG / USD
0.00
1.58%
(-0)
ONT / USD
0.16
1.81%
(-0)
ZEC / USD
26.73
0.89%
(-0.24)
STEEM / USD
0.17
0.41%
(-0)

Ethereum Could Stage Strong Rally If It Clears This Key Resistance

0

Ethereum gained pace above the $3,080 resistance against the US Dollar. ETH price could continue higher if there is a clear move above the $3,150 resistance.

  • Ethereum remained well bid and climbed above the $3,080 and $3,100 levels.
  • The price is now trading above $3,080 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $3,130 and $3,180 to start another increase in the near term.

Ethereum Price Remains Supported

Ethereum remained well bid and extended increase above the $3,080 resistance. ETH even broke the $3,130 resistance zone and settled above the 100 hourly simple moving average.

It even spiked towards the $3,180 level and traded as high as $3,172. Recently, there was a downside correction below the $3,130 level. Ether price corrected below the 23.6% Fib retracement level of the upward move from the $2,880 swing low to $3,172 high.

The price tested the $3,050 support zone and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is seen near the $3,130 level. The next major resistance is near the $3,170 and $3,180 levels. A close above the $3,180 level might start a strong upward move in the near term. In the stated case, ether might rise towards the $3,250 level. The next major resistance could be near the $3,280 or $3,320.

Dips Supported in ETH?

If ethereum fails to gain pace above the $3,130 level, it could start a downside correction. An initial support on the downside is near the $3,080 zone and the trend line.

The first major support is near the $3,060 level and the 100 hourly simple moving average. The next major support is near the $3,025 level. It is close to the 50% Fib retracement level of the upward move from the $2,880 swing low to $3,172 high. If there is a downside break below the $3,025 support, the price could start another decline.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,025

Major Resistance Level – $3,130

Leave A Reply

Your email address will not be published.