HomeBitcoinIs It Time to Purchase the Drop as Ethereum Price Indicates Possible...

Is It Time to Purchase the Drop as Ethereum Price Indicates Possible New Surge?

-


Ethereum price is moving higher above the $3,120 resistance zone. ETH could start a fresh rally if it clears the $3,280 resistance zone.

  • Ethereum is recovering higher and approaching the $3,280 resistance zone.
  • The price is trading above $3,100 and the 100-hourly Simple Moving Average.
  • There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it closes above the $3,250 zone.

Ethereum Price Regains Strength

Ethereum price formed a base above the $2,850 level and started a recovery wave, like Bitcoin. ETH cleared a few key hurdles near $3,000 to enter a positive zone.

There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.

Ethereum is now trading above $3,120 and the 100-hourly Simple Moving Average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. Immediate resistance is near the $3,200 level.

The first major resistance is near the $3,250 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level.

Source: ETHUSD on TradingView.com

A close above the $3,350 resistance could send the price toward the $3,420 pivot level. If there is a move above the $3,420 resistance, Ethereum could even climb toward the $3,550 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days.

Another Decline In ETH?

If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,150 level. The first major support is near the $3,120 zone and the 100-hourly Simple Moving Average.

A clear move below the $3,120 support might increase selling pressure and send the price toward $3,020. Any more losses might send the price toward the $2,965 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $3,150

Major Resistance Level – $3,280

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Most Popular Cryptocurrencies on Solana Chain Today – Price Hot Dog, Cucumber Rick, Ridge

Join Our Telegram channel to stay up to date on breaking news coverage Investors anticipate a potential reversal in price actions in the coming week...

XRP Tenacity Sparks Further Advances As Value Exceeds $0.466 Threshold

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who...

6 Top Meme Coin Early Sales to Purchase Now – Next 10X Digital Currencies to Surge

Join Our Telegram channel to stay up to date on breaking news coverage Meme coins have become a hot topic in the crypto space, with...

Could a Massive Rally Be in the Cards?

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack...

Most Popular