Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance.
Ethereum started a recovery wave and even climbed above $3,000.
The price is trading above $2,950 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could now struggle to clear the $3,040 and $3,050 resistance levels.
Ethereum price remained stable above the $2,860 support zone and started a fresh increase. ETH gained nearly 5% but less than Bitcoin. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD.
The bulls pumped the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.
Ethereum is still well above $2,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.
An upside break above the $3,050 resistance might send the price higher. The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.
If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.
The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,050
[#item_full_content]NewsBTCRead MoreA new public company with a big Bitcoin stash is pitching a bold claim. Twenty…
Bitcoin hovered below $90,000 on Sunday as low liquidity, altcoin weakness and imminent U.S. and…
The price action of Bitcoin has been somewhat limited in the past few weeks, as…
The Bitcoin market has continued to consolidate within the $90,000 price zone over the last…
The crypto market has shown a modest price rebound in the last three weeks, returning…
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
