Ethereum Price Path to Recovery Blocked by Key Barriers
The price of Ethereum began to restore the wave above $ 2,550. ETH shows positive signs, but faces many obstacles at $ 2,880.
- Ethereum began to move well above the $ 2,550 area.
- Price transactions are less than $ 2,880 and 100 hours of simple moving average.
- On the ETH/USD’s hourly chart (through the data of Kraken), there is a short -term decreased channel formed with a resistance of $ 2,800.
- If the two keep below $ 2,880, a new decline may begin.
Ethereum price restoration is facing obstacles
Ethereum price below the wave of recovery below $ 2,500 began to restore the wave, and the performance was not good. BitcoinEssence ETH tested a $ 2,120 area and recently started to restore the wave.
The price can exceed $ 2,500 and $ 2,550. It even climbed up to 50 % FIB retracement level Move down From a autumn of $ 3,402 to a swinging low at $ 2,127. However, these bears are now active near $ 2,900.
The price failed to remove the 61.8 % FIB retracement level of 61.8 % of the less than $ 2,127 from $ 3,402 to $ 2,127. On ETH/USD’s hourly chart, there is also a short -term decline channel formation with a resistance of $ 2,800.
The current transaction price of Ethereum price is less than 2,880 US dollars and 100 hours of simple moving average. In good aspects, the price seems to face an obstacle of $ 2,800.
The first main resistance is the level of $ 2,880. Now, the formation of main resistance is nearly $ 2,920. The clear action of more than $ 2,920 resistance may transfer the price to a $ 3,000 resistance. The upward breakthrough of more than 3,000 US dollars of resistance may require more benefits at the upcoming meeting. In the case of statement, Ether may rise towards a US $ 3,120 resistance area or even 3,250 US dollars in the short term.
Is there another game?
If Ethereum fails to remove the $ 2,880 resistance, it may decrease again. The initial support of the disadvantage is close to $ 2,640. The first main support is located near $ 2,550.
The clear behavior of support of less than $ 2,550 may push the price to $ 2,500 support. In the short term, more losses may transfer the price to a support level of $ 2,420. The next key supports $ 2,350.
Technical indicator
MACD per hour – ETH/USD’s MACD is losing power in the bullish area.
RSI per hour – ETH/USD’s RSI is now lower than 50 areas.
Main support level-$ 2,550
Main resistance level-$ 2,880
