Ethereum Price Sets Its Sights on Higher Levels: Can Bulls Maintain Momentum?
Ethereum prices have begun a wave of recovery above the $2,650 region. ETH shows positive signs and may aim to exceed $2,880 resistance.
- Ethereum started a nice upward move above the $2,650 area.
- Prices trade below $2,850 and the 100-hour simple moving average.
- Above the short-term decline channel, on the hourly table of ETH/USD (via Kraken’s feed), the resistance is $2,780.
- If the two keep below $ 2,880, a new decline may begin.
The pace of Ethereum price recovery
Ethereum price below the wave of recovery below $ 2,500 began to restore the wave, and the performance was not good. Bitcoin. ETH tested the $2,120 area and recently started a nice upward move.
Prices can exceed resistance levels of $2,550 and $2,650. It even rose from the $3,400 swing high to the $2,120 swing low to the 50% FIB retracement level of the downward wave. Below the short-term decline channel, in the hourly table of ETH/USD, the resistance is $2,780.
Ethereum price is now trading below $2,850, 100 hours simple moving average. On the plus side, the price seems to be facing a $2,840 barrier and a simple moving average of 100 hours.
The first main resistance is the level of $ 2,880. Now, the formation of the main resistor is close to $2,920 or 61.8% FIB retracement level of downward waves is from a swing high of $3,400 to a swing low of $2,120. 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.
Another drop in ETH?
If Ethereum fails to clear the $2,840 resistance, it may drop again. The initial support for disadvantages is close to the $2,700 level. The first major support is located near the $2,640 area.
A clear move to support below $2,640 could push the price to $2,550 support. In the near term, more losses could shift the price to the support level of $2,550. The next key supports $2,500.
Technical indicator
MACD per hour – ETH/USD’s MACD is looking at the bullish area to gain momentum.
RSI per hour – ETH/USD’s RSI is now higher than 50 areas.
Main support level – $2,640
Main resistance level-$ 2,880
