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 is consolidating near the $3,000 zone against the US Dollar. ETH price could start a fresh rally if it clears $3,020 and $3,050.
- Ethereum corrected lower, but it found support near the $2,950 zone.
- The price is now trading above $2,950 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady increase if it clears the $3,020 and $3,050 resistance levels in the near term.
Ethereum Price Stuck Below Resistance
Ethereum extended its increase above the $3,000 level. ETH even tested the $3,050 zone before correcting lower, similar to bitcoin.
There was a downside correction below the $3,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $2,782 swing low to $3,050 low. However, downsides were limited below the $2,950 level.
Ether price is now trading above $2,950 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3,020 level. The first major resistance is near the $3,050 level. A break above the $3,050 level could start a steady increase. The next main resistance is still near the $3,150 and $3,165 levels, above which the price might accelerate higher.
Fresh Decline in ETH?
If ethereum fails to continue higher above the $3,020 and $3,050 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $2,980 level.
The first key support is now forming near the $2,950 level and the 100 hourly simple moving average. If ether fails to stay above $2,950, there is a risk of a sharp drop. In the stated case, the price might decline towards the $2,800 level.
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 still above the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,050
