Ethereum
price
recovered
above
the
$2,920
resistance.
ETH
is
trailing
Bitcoin
and
might
struggle
to
continue
higher
above
the
$3,050
resistance.

• Ethereum
  started
  a
  recovery
  wave
  and
  even
  climbed
  above
  $3,000.
• The
  price
  is
  trading
  above
  $2,950
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  at
  $2,900
  on
  the
  hourly
  chart
  of
  ETH/USD
  (data
  feed
  via
  Kraken).
• The
  pair
  could
  now
  struggle
  to
  clear
  the
  $3,040
  and
  $3,050
  resistance
  levels.

Ethereum
Price
Recovers
Nearly
5%

Ethereum
price
remained
stable
above
the
$2,860
support
zone
and
started
a
fresh
increase.
ETH
gained
nearly
5%
but
less
than

 

Bitcoin.
There
was
a
break
above
a
key
bearish
trend
line
with
resistance
at
$2,900
on
the
hourly
chart
of
ETH/USD.

The
bulls
pumped
the
price
above
the
$2,950
and
$3,000
levels.
A
new
weekly
high
was
formed
at
$3,039
and
the
price
is
now
consolidating
gains.
It
tested
the
23.6%
Fib
retracement
level
of
the
recent
wave
from
the
$2,860
swing
low
to
the
$3,039
high.

Ethereum
is
still
well
above
$2,950
and
the

100-hourly
Simple
Moving
Average.
Immediate
resistance
is
near
the
$3,040
level.
The
first
major
resistance
is
near
the
$3,050
level.

An
upside
break
above
the
$3,050
resistance
might
send
the
price
higher.
The
next
key
resistance
sits
at
$3,150,
above
which
the
price
might
gain
traction
and
rise
toward
the
$3,220
level.
If
there
is
a
clear
move
above
the
$3,220
level,
the
price
might
rise
and
test
the
$3,350
resistance.
Any
more
gains
could
send
Ether
toward
the
$3,500
resistance
zone.

 

Are
Dips
Supported
In
ETH?

If
Ethereum
fails
to
clear
the
$3,050
resistance,
it
could
start
a
downside
correction.
Initial
support
on
the
downside
is
near
the
$3,000
level.
The
first
major
support
is
near
the
$2,950
zone
or
the
50%
Fib
retracement
level
of
the
recent
wave
from
the
$2,860
swing
low
to
the
$3,039
high.

The
next
support
is
near
the
$2,930
level.
A
clear
move
below
the
$2,930
support
might
push
the
price
toward
$2,900.
Any
more
losses
might
send
the
price
toward
the
$2,860
level
in
the
near
term.

Technical
Indicators

Hourly
MACD

–
The
MACD
for
ETH/USD
is
losing
momentum
in
the
bullish
zone.

Hourly
RSI

–
The
RSI
for
ETH/USD
is
now
above
the
50
level.

Major
Support
Level
–
$2,950

Major
Resistance
Level
–
$3,050

Go to Source
Author: Aayush Jindal

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