Ethereum price is aiming to break above the $2,900 level. For ETH to continue rising in the short term, it will need to settle above $2,900 and $2,940.
- Ethereum is forming a foundation above the $2,860 support zone.
- The price is trading below the 100-hour simple moving average at $2,950.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a major bearish trend line forming resistance at $2,905.
- A close above the $2,940 and $2,950 resistance levels could cause the pair to start a decent rally.
Ethereum price sees new rise
Ethereum price struggled to settle above the $3,000 level, and similar to Bitcoin, another decline began. ETH traded below the $2,950 and $2,940 support levels.
Prices traded below $2,900. However, the bulls were once again active near the $2,860 support zone. A low was formed at $2,860 and the price is currently consolidating losses. It is slowly rising above the $2,885 level.
Ethereum is currently trading below $2,950 and its 100 hourly simple moving average. Immediate resistance lies near the $2,900 level. There is also an important bearish trend line forming at the $2,905 resistance on the ETH/USD hourly chart. This trendline is close to the 23.6% fibritracement level of the recent decline from the swing high of $2,992 to the low of $2,860.
A break above the trendline could send the price towards the $2,925 level and the 100-hourly simple moving average. The first major resistance is near the $2,940 level, or the 61.8% fib retracement level of the recent decline from the $2,992 high to the $2,860 low.
Source: ETHUSD on TradingView.com
The next major resistance level lies at $2,950, above which the price could gain momentum and move towards the $3,000 level. If there is a clear move above the $3,000 level, the price could move higher and test the $3,050 resistance. Any further rally could send Ether heading toward the $3,150 resistance zone.
Will you drop ETH again?
If Ethereum fails to break through the $2,925 resistance level, further declines could begin. Initial support on the downside is near the $2,880 level.
The first major support is located near the $2,860 zone. The next support is near the $2,810 level. A clear move below the support at $2,810 could push the price towards $2,740. Any further losses could send the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,860
Major Resistance Level – $2,925
