Cryptocurrency News

Ethereum Gets Traction, Why ETH Can Reclaim $ 3K Soon

Ethereum gained momentum above the $2,550 resistance area against the US Dollar. ETH price is trading in a positive zone and it could rally if it breaks the $2,750 resistance.

  • Ethereum is slowly rising and it broke the key $2,500 resistance area.
  • The price is now trading above $2,500 and the 100 hourly simple moving average.
  • There is a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could turn bullish if it breaks the main $2,750 resistance area in the near term.

Ethereum price is rising

Ethereum begins a nice upward move from $ 2,400 support area. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance area.

A high was formed near $2,746 before the price started declining. Broken below the $ 2,700 and $ 2,650 levels. Ether declined from the $2,277 low to $2,746 high with the 23.6% Fib retracement level of the downside.

It is now trading above $2,500 and 100 hourly simple moving average. There is also a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

Source: ETHUSD on

On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $ 2,750 level and is recently high. A level above the $ 2,750 level may initiate a large increase toward the $ 2,850 level. The next major resistance is near the $3,000 area.

Dips Limited in ETH?

If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. On the downside, an initial support is near the $2,600 area and the channel trend line.

A negative break below the channel support could push the price towards $ 2,500 support and a 100-hour moving average. A 50% Fibonacci retreatment from a low of $ 2,277 to a high of $ 2,746 is also close to the $ 2,510 level. The next major endorsement is near $ 2,450. Any further losses could move the price to a support level of $ 2,400 in the short term.

technical indicators

hourly macdThe MACD for ETH / USD is slowly gaining momentum in the booming sector.

Hourly RSIThe RSI for ETH/USD is currently above the 50 level.

Key Support Level – $2,500

Major Resistance Level – $ 2,750

Source link

Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.