Ethereum has started steady growth above $ 3,050 against the US dollar. ETH prices may fall, but bulls may remain active around $ 3,000 and 2,950.
- Ethereum’s rise has raised above $ 3,100 and above $ 3,150.
- Prices are now around $ 3,100 and close to the simple moving average of 100 hours.
- The hourly chart of ETH / USD (data feed via Kraken) had a break below a key bullish trend line with support near $ 3,150.
- The pair could drop to around $ 3,000 or even 2,950 in the near term.
The price of etherium is losing momentum
Ethereum started a steady rise and settled above the 3,000 level. ETH has even broken the $ 3,100 level and settled above the simple moving average of 100 hours.
It traded as high as 3,173 and recently corrected low. There was a break below the 3,150 level. Also, ETH / USD had a break below a key bullish trend line with support near $ 3,150 per hour on the chart.
Ether is now trading near $ 3,100 and near the easy moving average of 100 hours. It is still trading well above the .6 2,651 swing at the 23.6% Fib retracement level. An instantaneous resistance upside is near the $ 3,150 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $ 3,180 level. The main breakout zone could be closer to the 3,200 zone. A further steady rise above the $ 3,200 resistance could start. The next major resistance could be near the $ 3,320 level. More gains could possibly open the door to move to the $ 3,500 level in the near term.
Dips at ETH Limited?
If Etherium fails to move above the resistance levels of $ 3,150 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 appears to be formed near the $ 2,950 level. Any further damage from কম 2,651 swing low to $ 3,173 at $ 2,912 could call for a 50% Fib retracement level test of the ward upward move. A break below the $ 2,900 support zone could put a lot of pressure on the bulls.
MACD per hour – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
RSI per hour – The ETH / USD RSI is now close to the 50 level.
Main support level – $ 3,050
Major resistance level – $ 3,200