Ethereum Price At Make-or-Break Levels, Can ETH Surge To $3,200? – NewsBTC
Ethereum price is struggling below the $3,030 resistance. ETH is consolidating and might start a downside correction below the $2,930 support.
Ethereum price made another attempt to gain pace above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,036 and the price started a downside correction, like Bitcoin.
There was a move below the $3,000 and $2,980 levels. The price spiked below the 50% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high. However, the bulls are now active near the $2,940 level.
Ethereum is now trading above $2,930 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD. The trend line is close to the 100-hourly Simple Moving Average and the 61.8% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high.
Source: ETHUSD on TradingView.com
Immediate resistance on the upside is near the $2,980 level. The first major resistance is near the $3,000 level. The next major resistance is near $3,035, above which the price might rise and test the $3,080 resistance zone. If there is a move above the $3,080 resistance, Ether could even rally toward the $3,200 resistance. Any more gains might call for a test of $3,250.
If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near the $2,930 level and the 100-hourly Simple Moving Average.
The first major support is near the $2,865 level. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,720. Any more losses might send the price toward the $2,550 level in the coming days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,865
Major Resistance Level – $3,000
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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