Ethereum Trades Steady at $3K as Market Eyes | Crypto News
Ethereum price began a recovery wave and surged above $3,000. ETH may continue to rise if it clears the $3,080 resistance.
- Ethereum began a recovery wave above $2,980 and $3,000.
- The price is trading above $2,960 and the 100-hourly Simple Moving Average.
- There is a key bullish development line forming with help at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to transfer up if it settles above the $3,080 zone.
Ethereum Price Eyes More Gains
Ethereum price managed to keep above $2,880 and began a recovery wave, like Bitcoin. ETH price was in a position to climb above the $2,920 and $2,950 ranges.
The bulls had been in a position to push the price above the 61.8% Fib retracement degree of the downward transfer from the $3,165 swing high to the $2,620 low. The bulls even pumped the price above $3,000 but they struggled to clear the $3,080 zone.
The price failed to settle above the 76.4% Fib retracement degree of the downward transfer from the $3,165 swing high to the $2,620 low. Ethereum price is now trading above $2,960 and the 100-hourly Simple Moving Average. Besides, there may be a key bullish development line forming with help at $2,950 on the hourly chart of ETH/USD.
If there may be another upward transfer, the price might face resistance close to the $3,050 degree. The next key resistance is close to the $3,080 degree. The first major resistance is close to the $3,120 degree. A clear transfer above the $3,120 resistance may ship the price toward the $3,165 resistance. An upside break above the $3,165 area may call for more good points in the approaching days. In the said 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 $3,080 resistance, it might start a recent decline. Initial help on the draw back is close to the $2,950 degree. The first major help sits close to the $2,880 zone.
A clear transfer below the $2,880 help may push the price toward the $2,840 help. Any more losses may ship the price toward the $2,800 area in the close to time period. The next key help sits at $2,750 and $2,740.
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 below the 50 zone.
Major Support Level – $2,950
Major Resistance Level – $3,080
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