Ethereum Price Momentum Reignites: RSI Signals Potential Surge To $3K

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum price is gaining pace above the $2,800 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.

Ethereum is consolidating gains above the $2,820 support zone.
The price is trading above $2,850 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up toward the $3,000 resistance zone.

Ethereum Price Eyes Upside Break

Ethereum price remained stable and slowly moved higher above the $2,800 pivot level. ETH even outperformed Bitcoin and climbed to a new weekly high above the $2,850 level.

A new multi-week high is formed near $2,894 and the price is now consolidating gains. Ether is stable above the 23.6% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. There is also a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $2,895 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price might rise and test the $3,000 resistance zone.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,000 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,400.

Downside Correction In ETH?

If Ethereum fails to clear the $2,895 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level and the trend line zone.

The next key support could be the $2,800 zone or 50% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. A clear move below the $2,800 support might send the price toward $2,780 or the 100-hourly Simple Moving Average. The main support could be $2,720. Any more losses might send the price toward the $2,640 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $2,780

Major Resistance Level – $2,895

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.