Ethereum
price
is
eyeing
an
upside
break
above
the
$2,900
level.
ETH
must
settle
above
$2,900
and
$2,940
to
continue
higher
in
the
near
term.
-
Ethereum
is
forming
a
base
above
the
$2,860
support
zone. -
The
price
is
trading
below
$2,950
and
the
100-hourly
Simple
Moving
Average. -
There
is
a
key
bearish
trend
line
forming
with
resistance
at
$2,905
on
the
hourly
chart
of
ETH/USD
(data
feed
via
Kraken). -
The
pair
could
start
a
decent
increase
if
there
is
a
close
above
the
$2,940
and
$2,950
resistance
levels.
Ethereum
Price
Eyes
Fresh
Increase
Ethereum
price
struggled
to
settle
above
the
$3,000
level
and
started
another
decline,
like
Bitcoin.
ETH
traded
below
the
$2,950
and
$2,940
support
levels.
The
price
even
traded
below
$2,900.
However,
the
bulls
were
again
active
near
the
$2,860
support
zone.
A
low
was
formed
at
$2,860
and
the
price
is
now
consolidating
losses.
It
is
slowly
moving
higher
above
the
$2,885
level.
Ethereum
is
now
trading
below
$2,950
and
the
100-hourly
Simple
Moving
Average.
Immediate
resistance
is
near
the
$2,900
level.
There
is
also
a
key
bearish
trend
line
forming
with
resistance
at
$2,905
on
the
hourly
chart
of
ETH/USD.
The
trend
line
is
close
to
the
23.6%
Fib
retracement
level
of
the
recent
decline
from
the
$2,992
swing
high
to
the
$2,860
low.
An
upside
break
above
the
trend
line
might
send
the
price
toward
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
swing
high
to
the
$2,860
low.
Source:
ETHUSD
on
TradingView.com
The
next
key
resistance
sits
at
$2,950,
above
which
the
price
might
gain
traction
and
rise
toward
the
$3,000
level.
If
there
is
a
clear
move
above
the
$3,000
level,
the
price
might
rise
and
test
the
$3,050
resistance.
Any
more
gains
could
send
Ether
toward
the
$3,150
resistance
zone.
Another
Drop
In
ETH?
If
Ethereum
fails
to
clear
the
$2,925
resistance,
it
could
start
another
decline.
Initial
support
on
the
downside
is
near
the
$2,880
level.
The
first
major
support
is
near
the
$2,860
zone.
The
next
support
is
near
the
$2,810
level.
A
clear
move
below
the
$2,810
support
might
push
the
price
toward
$2,740.
Any
more
losses
might
send
the
price
toward
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
now
below
the
50
level.
Major
Support
Level
–
$2,860
Major
Resistance
Level
–
$2,925
Go to Source
Author: Aayush Jindal
