Ethereum started a good recovery and rose above $ 3,000 against the US dollar. If it clears the অঞ্চ 3,200 resistance zone, the ETH price could accelerate further.
- Ethereum has started a decent ward upward move above the 3,000 and 3,050 levels.
- Prices are now trading above 3,000 3,000 and near the simple moving average of 100 hours.
- ETH / USD (data feed via Kraken) had a break above a large bearish trend line with resistance near $ 2950 per hour on the chart.
- If it clears $ 3,135 and $ 3,200 in the near term, the pair could rise.
The price of etherium is rising
Ethereum has built a support base above $ 2,650 and started a steady recovery wave. ETH broke the অঞ্চ 2,800 resistance zone and gained momentum, like Bitcoin.
ETH / USD had a break above a major bearish trend line with resistance near $ 2,950 on the hourly chart. The pair crossed the 76.4% Fib retracement level of the key decline from the $ 3,105 swing high to the $ 2,651 swing low.
Prices are now trading above 3,000 3,000 and near the simple moving average of 100 hours. Side upward is an immediate resistance near the $ 3,135 level. The first major resistance is near the $ 3,200 level. It is close to the 1.236 Fib extension level of key declines from $ 3,105 swing high to $ 2,651 swing low.
Source: ETHUSD on TradingView.com
A price above $ 3,200 resistance could push further. The next major resistance could be near the $ 3,400 level. This represents the 1.618 fib extension level of the key decline from the $ 3,105 swing high to the $ 2,651 swing low. An intermediate resistance could be near the $ 3,320 level.
Further damage to ETH?
If Ethereum fails to move above the resistance levels of $ 3,135 and 3,200, it could start a negative correction. The initial support on the negative side is close to the $ 3,050 level.
The next major support seems to be formed near the 3,000 level. A negative break below the $ 3,000 support zone could move the price towards the 2,800 zone. The next major support is near the 2,650 level, below which the price of ether could decline towards the $ 2,500 region in the near term.
MACD per hour – The MACD of ETH / USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI of ETH / USD is now above the 50 level.
Main support level – $ 3,000
Major resistance level – $ 3,200