Ethereum Price Fails to Break $3,000—Is the Uptrend in Danger?
Ethereum price failed to clear the $3,000 resistance zone. The merger of ETH is close to $2,750, probably for a new addition.
- Ethereum is still showing positive signs above the $2,680 region.
- Prices trade above the $2,750 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a short-term bullish trend line forming, supporting $2,780.
- If the couple drops at $2,850 and above $2,880, then you can start a nice move.
Ethereum price increases freshly
Ethereum prices are still supported by the $2,650 level Bitcoin. ETH’s pace exceeded the $2,750 and $2,850 resistance levels.
Prices even before $3,000 The bear appears. There is no upward extension, and the price is corrected. Support below $2,850. From the swing low of $2,616 to the high of $3,021, the price is below the 50% FIB retracement level.
Ethereum prices are now trading above $2,750, and so is the simple moving average of 100 hours. On the hourly chart of ETH/USD, there is also a short-term bullish trend line supporting $2,780. It is close to the 61.8% FIB retracement level from the $2,616 swing low to $3,021 high.
On the plus side, the price seems to be facing a $2,820 hurdle. The first major resistance is close to the $2,850 level. Now, the formation of major resistance is close to $2,880 or $2,920.
A clear action on resistors over $2,920 could shift the price to a resistor at $3,000. An upside breakout for resistors over $3,000 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $3,050 resistance zone or even $3,120 in the short term.
Is there another game?
If Ethereum fails to clear the $2,850 resistance, it may drop again. The initial support for the adverse aspects is close to the $2,780 level. The first major support is located near the $2,720 area.
A clear move to support below $2,720 could push the price to $2,650 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 Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in bullish areas.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,720
Main resistance level – $2,850
