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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Fails above $3K, Can Bulls Make it?

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum attempted a steady increase above $3,000 against the US Dollar. ETH price failed near $3,050 and started a downside correction.

  • Ethereum started a downside correction after it failed to clear $3,050.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating above $2,900 and might start another increase in the near term.

Ethereum Price Remains Supported

Ethereum started a steady increase above the $2,850 resistance zone. ETH cleared the $2,920 and $2,950 resistance levels to move further into a positive zone.

The price even gained pace above the $3,000 level and settled above the 100 hourly simple moving average. A high was formed near $3,054 and the price is now correcting gains. It corrected a few points below the $3,000 support zone.

There was a move below the 50% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. It is now trading above $2,900 and the 100 hourly simple moving average.

There is also a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD. The triangle support is near the 76.4% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high.

Ethereum Price

Source: ETHUSD on TradingView.com

If there is a fresh increase, the price might clear the $2,965 and $2,980 resistance levels. The first major resistance is near the $3,000 level. Ether price must clear the $3,000 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,050 level. Any more gains might call for a move towards the $3,120 resistance zone in the coming sessions.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,000 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,940.

The next major support is near the $2,925 and the 100 hourly SMA. A downside break below the $2,925 support zone might push the price further lower. In the stated case, the price might drop to $2,850.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,925

Major Resistance Level – $3,000

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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