Ethereum
Can Ethereum price repeat the trend and start climbing again to $3,200?
Ethereum price attempts a recovery wave from the $2,865 support. ETH could trigger another surge if it breaks the $2,960 resistance zone.
- Ethereum remained stable and attempted a recovery wave above $2,900.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance at $2,930 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a significant rise if the close is above the $2,990 and $3,000 resistance levels.
Ethereum price maintains support
Ethereum price traded at $2,864 and recently started an upward correction as Bitcoin. ETH was able to move above the $2,900 and $2,920 resistance levels. Additionally, there was a break above a major downtrend line with resistance at $2,930 on the ETH/USD hourly chart.
The price even surpassed $2,980 and tested $3,000. A high formed at $2,992 and the price is now correcting gains. There was a slight movement below the $2,960 level. The price fell below the 23.6% Fibonacci retracement level of the recent surge from the $2,864 low to $2,992 high.
Ethereum is now trading below $2,950 and the 100-hour simple moving average. Immediate resistance is near the $2,950 level and another connected downtrend line on the same chart. If the bulls push the price higher and repeat the recent breakout, the price could begin a further rise.
The first major resistance is near the $3,000 level. The next key resistance lies at $3,050, above which the price could gain ground and reach the $3,120 level.
Source: ETHUSD on TradingView.com
If there is a clear move above the $3,150 level, the price could move higher and test the $3,220 resistance. Any further gains could send Ether towards the $3,250 resistance zone.
Another failure in ETH?
If Ethereum fails to clear the $2,950 resistance, it could begin a further decline. Initial support on the downside is near the $2,2930 level and the 50% Fibonacci retracement level of the recent increase from the $2,864 low to $2,992 high.
The first major support lies near the $2,900 area. The next support is near the $2,865 level. A sharp move below the $2,865 support could push the price towards $2,740. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,865
Major Resistance Level – $2,950