Ethereum
Ethereum Price Anticipates an Upside Breakout to Shift Sentiment to an Uptrend
Ethereum price is eyeing a bullish breakout above the $2,900 level. ETH needs to settle above $2,900 and $2,940 to continue rising in the near term.
- Ethereum forms a base above the $2,860 support zone.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $2,905 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a decent rise if the close is above the $2,940 and $2,950 resistance levels.
Ethereum Price Eyes Further Rise
Ethereum price struggled to stabilize above the $3,000 level and began a further decline, as Bitcoin. ETH traded below the $2,950 and $2,940 support levels.
The price even traded below $2,900. However, the bulls were active again near the $2,860 support zone. A low formed at $2,860 and the price is now consolidating its losses. It is slowly moving above the $2,885 level.
Ethereum is now trading below $2,950 and the 100-hour simple moving average. Immediate resistance is near the $2,900 level. There is also a key downtrend line forming with resistance at $2,905 on the ETH/USD hourly chart. The trendline is near the 23.6% Fibonacci retracement level of the recent decline from the $2,992 high to $2,860 low.
An upward break above the trendline could send the price towards the $2,925 level and the 100 hourly simple moving average. The first major resistance is near the $2,940 level or the 61.8% Fibonacci retracement level of the recent decline from the $2,992 high to $2,860 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $2,950, above which the price could gain ground and reach the $3,000 level. If there is a clear move above the $3,000 level, the price could move higher and test the $3,050 resistance. Any further gains could send Ether towards the $3,150 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $2,925 resistance, it could begin a further decline. Initial downside support is near the $2,880 level.
The first major support lies near the $2,860 area. The next support is near the $2,810 level. A sharp move below the $2,810 support could push the price towards $2,740. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,860
Major Resistance Level – $2,925