Reason to trust
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 started a fresh increase above $2,920. ETH is now attempting to clear the $3,050 resistance and might accelerate higher.
- Ethereum started a fresh increase above the $2,920 and $2,950 levels.
- The price is trading above $2,950 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trend line with resistance at $2,825 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it settles above the $3,050 zone.
Ethereum Price Eyes Upside Break
Ethereum price managed to stay above $2,720 and started a fresh increase, like Bitcoin. ETH price gained strength for a move above the $2,850 and $2,880 resistance levels.
There was a break above a short-term bearish trend line with resistance at $2,825 on the hourly chart of ETH/USD. The bulls even pumped the price above $2,950. However, the price is now testing a key barrier at $3,050. A high was formed at $3,047 and the price is now consolidating above the 23.6% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If there is another upward move, the price could face resistance near the $3,050 level.
The next key resistance is near the $3,080 level. The first major resistance is near the $3,120 level. A clear move above the $3,120 resistance might send the price toward the $3,200 resistance. An upside break above the $3,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,350 resistance zone or even $3,380 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,050 resistance, it could start a fresh decline. Initial support on the downside is near the $2,970 level. The first major support sits near the $2,880 zone or the 50% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.
A clear move below the $2,840 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,750 region in the near term. The next key support sits at $2,720 and $2,710.
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 zone.
Major Support Level – $2,970
Major Resistance Level – $3,050
