Ethereum moved upward from the resistance zone of $ 2,750 against the US dollar. The price of ETH is showing a positive sign and may go up to $ 3,000 or more.
- Ethereum raised its recovery wave to $ 2,650 and above the $ 2,750 level.
- The price is now trading above $ 2,700 support and above the 100-hour simple moving average.
- On the hourly chart of ETH / USD, there was a break above a major bearish trend line with resistance near $ 2,600 (data feed via Kraken).
- The pair is now showing signs of profit over $ 2,900 and $ 2,950.
Ethereum price remains good bid
Ethereum supported above the $ 2,500 level and it Increased its recovery wave. There was a pause above resistance levels of $ 2,600 and $ 2,650, opening the door for continued growth.
It clearly broke from the 61.8% Fibonacci retracement level, falling from a high of $ 2,742 to a low of $ 2,375. In addition, there was a break above a major bearish trend line with resistance near $ 2,600 on ETH / USD’s hourly chart.
The price of ether is now trading above the support level of $ 2,700 and 100-hour moving average. It cleared the final swing near $ 2,742 and is now trading above $ 2,800.
Source: ETHUSD on TradingView.com
In addition, it is testing a 1.236 Fibonacci expansion level from a high of $ 2,742 to a low of $ 2,375. If there is more profit, the price may test a resistance of $ 2,950. The next major resistance is near $ 3,000, above which the price can rebound to the $ 3,000 level.
Dips Limited at ETH?
If Ethereum fails to continue above the resistance levels of $ 2,900 and $ 2,9500, it could start a negative correction. On the downside, initial support is near the $ 2,750 area.
The first major support is near the $ 2,650 level. Any further losses could lead the price to a support area of $ 2,550 and a 100-hour simple moving average.
Hourly macd – MACD for ETH / USD is now gaining momentum in the booming sector.
Hourly RSI – The RSI for ETH / USD is currently well above the 50 level.
Key Support Level – $ 2,750
Major Resistance Level – $ 2,950