Ethereum moved upward from the resistance zone of $ 2,550 against the US dollar. The ETH price closed above the 100-hour SMA and may continue to rise.
- Ethereum raised its recovery wave to $ 2,550 and above the $ 2,600 level.
- The price is now trading above the $ 2,500 support and 100-hour simple moving average.
- On the hourly chart of ETH / USD, $ 2,250 had a break above the line of a significant bearish trend with resistance (data feeds through the Kraken).
- The pair is now showing positive signs above $ 2,500, but is also facing hurdles near $ 2,760.
Ethereum Price Gain Traction
Ethereum supported above the $ 2,200 level and it began Steady recovery wave. Broke down some key barriers near the $ 2,250 level.
There was also a break above a significant bearish trend line with resistance near $ 2,250 on the hourly chart of ETH / USD. This opened the door for a strong move above the $ 2,500 level and a 100-hour simple moving average.
Ether also cleaned the $ 2,600 and $ 2,700 levels. It traded at a high of $ 2,7608 before starting a downward correction. The price corrected below the $ 2,700 level.
Source: ETHUSD on TradingView.com
Immediate support is near $ 2,525. It is close to a 23.6% Fibonacci retreatment from a low of $ 1,740 upward to a high of $ 2,768. The first major support is near the $ 2,480 level and the 100-hour simple moving average.
On the upside, the first major resistance is near $ 2,750. A clear break above the recent highs could lead the price to a resistance level of $ 2,930. next Major resistance $ 3,000. is near. One may have to test the $ 3,200 level for any further gains.
The latest drop in ETH?
If Ethereum fails to continue above the resistance levels of $ 2,700 and $ 2,760, it could start another fall. On the downside, initial support is near the $ 2,500 area.
The first major support is near the $ 2,480 level and the 100-hour moving average. Key support is now building near the $ 2,255 level. It is close to the 50% Fibonacci Retracement level, from an upward low of $ 1,740 to a high of $ 2,768.
Hourly macd – The MACD for ETH / USD is slowly losing momentum in the bull zone.
Hourly RSI – The RSI for ETH / USD is moving down towards the 50 level.
Key Support Level – $ 2,480
Major Resistance Level – $ 2,760