Ethereum Regains Strength But $3K Is Still A Major Hurdle


Ethereum started a nice increase above the $2,920 resistance level against the US Dollar. ETH needs to get rid of $2,980 and $3,000 to continue higher in the near term.

  • Ethereum started a steady recovery wave above the $2900 resistance.
  • The price is now trading above $2900 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 breach the $2,980 and $3,000 resistance levels to continue rising.

Ethereum price starts recovery

Ethereum formed a base above the $2,760 level and started steadily increasing. ETH soared over The $2,850 and $2,880 resistance levels To move into positive territory.

Ether rose above $2900 and 100-hour simple moving average. Finally, there was a rally above the $2,950 level and a high trading price of $2,969. It is now consolidating its gains below the $2,980 resistance area.

It is trading above the 23.6% Fib retracement level of the recent wave of the swing low of $2,756 to the high of $2,969. There is also a major bullish trend line forming with support near $2900 on the hourly chart of ETH/USD. On the upside, we see initial resistance near the $2,970 level.

Ethereum price

Source: ETHUSD on TradingView.com

The first major resistance is near the $2,980 level. The main breakout area is now near the $3000 level. A close above the $3,000 level could set the tone for an even bigger rally. In the mentioned case, the price of Ether may rise towards the $3,150 resistance.

Support dips in ETH?

If Ethereum fails to rise above the $2,980 resistance, it may start a downside correction. There is initial support on the downside near the $2,920 region. The next major support is near the $2900 level and the trend line.

If there is a downside break below the trendline support, the ether price may test the 50% Fib retracement level of the latest wave of the swing low at $2,756 to the high of $2,969. Any further losses may require a test of the $2,850 support and the 100 hourly simple moving average.

Technical Indicators

MACD per hourThe MACD for ETH/USD is still showing positive signs in the bullish zone.

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

Key Support Level – $2900

Key Resistance Level – $2,980



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