Ethereum started a strong rally above the $3,000 resistance against the US Dollar. ETH price is now correcting gains, but it is likely to find bids near $2,840.
- Ethereum gained pace after it broke the key $2,840 resistance zone.
- The price is now trading above $2,900 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is correcting gains, but there is a strong support waiting near $2,800.
Ethereum Price Corrects Gains
Ethereum started a strong rally above the $2,700 and $2,850 resistance levels. ETH price even broke the $3,000 barrier and it settled nicely above the 100 hourly simple moving average.
It traded to a new multi-week high at $3,190 before there was a downside correction. The price traded below the $3,000 support zone. There was a break below the 23.6% Fib retracement level of the recent surge from the $2,725 swing low to $3,190 high.
Besides, there was a break below a key bullish trend line with support near $2,980 on the hourly chart of ETH/USD. Ether is now trading above $2,900 and the 100 hourly simple moving average.
It is finding bids near the 50% Fib retracement level of the recent surge from the $2,725 swing low to $3,190 high. On the upside, an immediate resistance is near the $3,000 level. The next key resistance is near the $3,050 level.
Source: ETHUSD on TradingView.com
A clear break and close above the $3,000 and $3,050 resistance levels might start another increase. In the stated case, the price could rally above $3,200. The next stop for the bulls may possibly be near the $3,400 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,000 and $3,050 resistance levels, it could start an extended downside correction. An immediate support on the downside is near the $2,900 level.
The next major support is near the $2,840 level. It is near the 76.4% Fib retracement level of the recent surge from the $2,725 swing low to $3,190 high. Any more losses could lead the price towards the $2,740 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,840
Major Resistance Level – $3,050
Ethereum began a robust rally above the $3,000 resistance in opposition to the US Greenback. ETH value is now correcting beneficial properties, however it’s prone to discover bids close to $2,840.
- Ethereum gained tempo after it broke the important thing $2,840 resistance zone.
- The worth is now buying and selling above $2,900 and the 100 hourly easy transferring common.
- There was a break beneath a key bullish pattern line with help close to $2,980 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair is correcting beneficial properties, however there’s a sturdy help ready close to $2,800.
Ethereum Worth Corrects Beneficial properties
Ethereum began a robust rally above the $2,700 and $2,850 resistance ranges. ETH value even broke the $3,000 barrier and it settled properly above the 100 hourly easy transferring common.
It traded to a brand new multi-week excessive at $3,190 earlier than there was a draw back correction. The worth traded beneath the $3,000 help zone. There was a break beneath the 23.6% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive.
In addition to, there was a break beneath a key bullish pattern line with help close to $2,980 on the hourly chart of ETH/USD. Ether is now buying and selling above $2,900 and the 100 hourly easy transferring common.
It’s discovering bids close to the 50% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive. On the upside, an instantaneous resistance is close to the $3,000 degree. The subsequent key resistance is close to the $3,050 degree.
Supply: ETHUSD on TradingView.com
A transparent break and shut above the $3,000 and $3,050 resistance ranges may begin one other enhance. Within the acknowledged case, the worth may rally above $3,200. The subsequent cease for the bulls could probably be close to the $3,400 degree.
Dips Restricted in ETH?
If ethereum fails to proceed greater above the $3,000 and $3,050 resistance ranges, it may begin an prolonged draw back correction. A direct help on the draw back is close to the $2,900 degree.
The subsequent main help is close to the $2,840 degree. It’s close to the 76.4% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive. Any extra losses may lead the worth in direction of the $2,740 help zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly dropping tempo within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.
Main Help Degree – $2,840
Main Resistance Degree – $3,050
