BTC / USD
66,532.82
3.79%
(+2427.1)
ETH / USD
3,686.27
5.91%
(+205.81)
XRP / USD
0.64
1.17%
(+0.01)
LTC / USD
89.60
0.96%
(-0.86)
EOS / USD
1.10
3.32%
(-0.04)
BCH / USD
443.59
2.15%
(-9.77)
ADA / USD
0.76
2.99%
(-0.02)
XLM / USD
0.15
4.55%
(+0.01)
NEO / USD
18.11
0.01%
(0)
XEM / USD
0.05
3.28%
(0)
DASH / USD
40.40
2.92%
(+1.15)
USDT / USD
1.00
0.01%
(0)
BNB / USD
418.51
0.3%
(+1.25)
QTUM / USD
5.45
2.15%
(-0.12)
XVG / USD
0.01
10.86%
(0)
ONT / USD
0.33
0.54%
(-0)
ZEC / USD
33.95
4.94%
(+1.6)
STEEM / USD
0.30
0.23%
(-0)

Ethereum Shows Positive Signs But This Resistance Is The Key

0

Ethereum started a recovery wave above the $2,820 level against the US Dollar. ETH must clear the $2,920 resistance to start a steady upward move.

  • Ethereum started a short-term upside correction above the $2,780 and $2,800 levels.
  • The price is now trading above $2,820 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,885 and $2,920 resistance levels to continue higher.

Ethereum Price Faces Hurdles

Ethereum formed a base above the $2,750 level and started a recovery wave. ETH was able to climb above the $2,780 and $2,800 levels.

There was a clear move above the 50% Fib retracement level of the main drop from the $2,980 swing high to $2,720 low. There is also a key rising channel forming with support near $2,820 on the hourly chart of ETH/USD.

Ether price is now trading above $2,820 and the 100 hourly simple moving average. However, the bears are active above the $2,880 level. On the upside, an initial resistance is seen near the $2,880 level. It is near the 61.8% Fib retracement level of the main drop from the $2,980 swing high to $2,720 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,920 level. A clear move above the $2,920 resistance might start a steady upward move. In the stated case, ether price might rise towards the $2,980 high. Any more gains may perhaps send the price towards the $3,050 resistance in the near term.

Another Decline in ETH?

If ethereum fails to gain pace above the $2,920 resistance, it could start another decline. An initial support on the downside is near the $2,820 zone.

The channel support is also near the $2,820 zone. If there is a downside break below the $2,820 support, the price could gain bearish momentum. The next major support is near the $2,760, below which the price could revisit the $2,720 zone. Any more losses may perhaps open the doors for a larger decline towards the $2,550 level or even $2,500.

Technical Indicators

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

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

Major Support Level – $2,820

Major Resistance Level – $2,920

Leave A Reply

Your email address will not be published.