Ethereum Price Seeks Additional Gains as Bulls Try | Crypto News
Ethereum price began a recovery wave above $2,950. ETH is now consolidating and would possibly soon attempt another recovery wave if it clears $3,050.
- Ethereum began a first rate upward transfer above the $2,950 zone.
- The price is trading above $2,950 and the 100-hourly Simple Moving Average.
- There was a break above a bearish development line with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to transfer up if it settles above the $3,050 zone.
Ethereum Price Eyes More Gains
Ethereum price began a first rate increase from $2,775, like Bitcoin. ETH price was in a position to surpass the $2,850 and $2,880 resistance ranges to enter a constructive zone.
The bulls pushed the price above the 50% Fib retracement degree of the downward transfer from the $3,175 swing high to the $2,775 low. Moreover, there was a break above a bearish development line with resistance at $2,920 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If there’s another upward transfer, the price might face resistance close to the $3,020 degree and the 61.8% Fib retracement degree of the downward transfer from the $3,175 swing high to the $2,775 low.
The next key resistance is close to the $3,050 degree. The first major resistance is close to the $3,080 degree. A clear transfer above the $3,080 resistance would possibly ship the price toward the $3,150 resistance. An upside break above the $3,150 area would possibly call for more features in the approaching days. In the acknowledged case, Ether might rise toward the $3,220 resistance zone or even $3,250 in the close to time period.
Another Decline In ETH?
If Ethereum fails to clear the $3,050 resistance, it might start a contemporary decline. Initial assist on the draw back is close to the $2,950 degree. The first major assist sits close to the $2,915 zone.
A clear transfer below the $2,915 assist would possibly push the price toward the $2,880 assist. Any more losses would possibly ship the price toward the $2,840 area. The next key assist sits at $2,800.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is shedding momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,915
Major Resistance Level – $3,050
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