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Ethereum started a decent increase above the $2,920 resistance against the US Dollar. ETH must clear $2,980 and $3,000 to continue higher in the near term.

  • Ethereum started a steady recovery wave above the $2,900 resistance.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,980 and $3,000 resistance levels to continue higher.

Ethereum Price Starts Recovery

Ethereum formed a base above the $2,760 level and started a steady increase. ETH climbed above the $2,850 and $2,880 resistance levels to move into a positive zone.

Ether even surged above the $2,900 level and the 100 hourly simple moving average. Finally, there was a spike above the $2,950 level and the price traded as high as $2,969. It is now consolidating gains below the $2,980 resistance zone.

It is trading above the 23.6% Fib retracement level of the recent wave from the $2,756 swing low to $2,969 high. There is also a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD. On the upside, an initial resistance is seen near the $2,970 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $2,980 level. The main breakout zone is now near the $3,000 level. A close above the $3,000 level could set the tone for a larger increase. In the stated case, ether price might rise towards the $3,150 resistance.

Dips Supported in ETH?

If ethereum fails to gain pace above the $2,980 resistance, it could start a downside correction. An initial support on the downside is near the $2,920 zone. The next major support is near the $2,900 level and the trend line.

If there is a downside break below the trend line support, ether price might test the 50% Fib retracement level of the recent wave from the $2,756 swing low to $2,969 high. Any more losses might call for a test of the $2,850 support and the 100 hourly simple moving average.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is still showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting from the 80 level.

Major Support Level – $2,900

Major Resistance Level – $2,980

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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