Ethereum Reaches Key Inflection Zone, $3,100 Is The Key


Ethereum started a steady recovery wave above the $2,980 resistance against the US Dollar. ETH price is now facing a strong resistance near $3,080 and $3,100.

  • Ethereum started a major upward correction from the $2,880 area.
  • The price is now trading above $3000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must cross $3,080 and $3,100 to start a strong upward move.

Ethereum price recovers losses

Ethereum’s drop extends below $2,980 support and a 100-hour simple moving average. ETH rose even below the $2,900 level, but found significant support near $2,880.

A bottom was formed near $2,880 and the price started to increase steadily. There was a move above the $2,980 and $3000 resistance levels. Ether price is now trading above 3000 USD and 100-hour simple moving average.

A top formed near $3,068 and the price is now consolidating its gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $2,880 swing low to $3,068 high. On the upside, we see initial resistance near the $3,070 level.

There is also a major bearish trend line forming with resistance near $3,070 on the hourly chart of ETH/USD. The next major resistance is near the $3,080 and $3,100 levels.

Ethereum price

Source: ETHUSD on TradingView.com

A close above $3,100 may start a steady upward movement in the near term. The next major resistance might be near $3,150 or $3,220.

A new drop in ETH?

If Ethereum fails to rise above $3,100, it may start a downside correction. There is initial support on the downside near the $3,020 area and the 100 hourly simple moving average.

The next major support is near the $2,980 level. It is close to the 50% Fib retracement level of the recent rally from the $2,880 swing low to $3,068 high. If there is a downside break below the $2,980 support, the price may start to decline again. In this scenario, there is a risk of a move towards the $2,880 level.

Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bullish territory.

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

Main Support Level – $2,980

Key Resistance Level – $3,100



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