Ethereum price is eyeing an upside break above the $2,900 level. ETH must settle above $2,900 and $2,940 to continue higher in the near term.
- Ethereum is forming a base above the $2,860 support zone.
- The price is trading below $2,950 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above the $2,940 and $2,950 resistance levels.
Ethereum Price Eyes Fresh Increase
Ethereum price struggled to settle above the $3,000 level and started another decline, like Bitcoin. ETH traded below the $2,950 and $2,940 support levels.
The price even traded below $2,900. However, the bulls were again active near the $2,860 support zone. A low was formed at $2,860 and the price is now consolidating losses. It is slowly moving higher above the $2,885 level.
Ethereum is now trading below $2,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low.
An upside break above the trend line might send the price toward the $2,925 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,940 level or the 61.8% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $2,950, above which the price might gain traction and rise toward the $3,000 level. If there is a clear move above the $3,000 level, the price might rise and test the $3,050 resistance. Any more gains could send Ether toward the $3,150 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $2,925 resistance, it could start another decline. Initial support on the downside is near the $2,880 level.
The first major support is near the $2,860 zone. The next support is near the $2,810 level. A clear move below the $2,810 support might push the price toward $2,740. Any more losses might send the price toward the $2,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,860
Major Resistance Level – $2,925
Credit: Source link
