BTC / USD
67,359.68
4.49%
(-3166.92)
ETH / USD
3,269.22
6.51%
(-227.56)
XRP / USD
0.54
10.03%
(-0.06)
LTC / USD
85.87
11.23%
(-10.86)
EOS / USD
0.89
19.97%
(-0.22)
BCH / USD
534.48
10.54%
(-62.98)
ADA / USD
0.51
11.27%
(-0.06)
XLM / USD
0.11
11.26%
(-0.01)
NEO / USD
19.74
12.95%
(-2.94)
XEM / USD
0.04
16.68%
(-0.01)
DASH / USD
31.75
15.83%
(-5.97)
USDT / USD
1.00
0.04%
(0)
BNB / USD
595.26
3.89%
(-24.08)
QTUM / USD
4.51
17.06%
(-0.93)
XVG / USD
0.01
14.97%
(-0)
ONT / USD
0.35
25.98%
(-0.12)
ZEC / USD
23.56
11.36%
(-3.02)
STEEM / USD
0.28
17.28%
(-0.06)

Ethereum Regains Strength But $3K Is Still A Major Hurdle

0

Ethereum started a decent increase above the $2,920 resistance against the US Dollar. ETH must clear $2,980 and $3,000 to continue higher in the near term.

  • Ethereum started a steady recovery wave above the $2,900 resistance.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,980 and $3,000 resistance levels to continue higher.

Ethereum Price Starts Recovery

Ethereum formed a base above the $2,760 level and started a steady increase. ETH climbed above the $2,850 and $2,880 resistance levels to move into a positive zone.

Ether even surged above the $2,900 level and the 100 hourly simple moving average. Finally, there was a spike above the $2,950 level and the price traded as high as $2,969. It is now consolidating gains below the $2,980 resistance zone.

It is trading above the 23.6% Fib retracement level of the recent wave from the $2,756 swing low to $2,969 high. There is also a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD. On the upside, an initial resistance is seen near the $2,970 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $2,980 level. The main breakout zone is now near the $3,000 level. A close above the $3,000 level could set the tone for a larger increase. In the stated case, ether price might rise towards the $3,150 resistance.

Dips Supported in ETH?

If ethereum fails to gain pace above the $2,980 resistance, it could start a downside correction. An initial support on the downside is near the $2,920 zone. The next major support is near the $2,900 level and the trend line.

If there is a downside break below the trend line support, ether price might test the 50% Fib retracement level of the recent wave from the $2,756 swing low to $2,969 high. Any more losses might call for a test of the $2,850 support and the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is still showing positive signs in the bullish zone.

Hourly RSIThe RSI for ETH/USD is correcting from the 80 level.

Major Support Level – $2,900

Major Resistance Level – $2,980

Leave A Reply

Your email address will not be published.