TA: Ethereum (ETH) Back Below $3K, Why Rally Isn’t Over Yet


Ethereum began a powerful rally above the $3,000 resistance towards the US Dollar. ETH worth is now correcting positive aspects, however it’s prone to discover bids close to $2,840.

  • Ethereum gained tempo after it broke the important thing $2,840 resistance zone.
  • The worth is now buying and selling above $2,900 and the 100 hourly easy shifting common.
  • There was a break under a key bullish pattern line with help close to $2,980 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair is correcting positive aspects, however there’s a robust help ready close to $2,800.

Ethereum Price Corrects Gains

Ethereum began a powerful rally above the $2,700 and $2,850 resistance ranges. ETH price even broke the $3,000 barrier and it settled properly above the 100 hourly easy shifting common.

It traded to a brand new multi-week excessive at $3,190 earlier than there was a draw back correction. The worth traded under the $3,000 help zone. There was a break under the 23.6% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive.

Besides, there was a break under a key bullish pattern line with help close to $2,980 on the hourly chart of ETH/USD. Ether is now buying and selling above $2,900 and the 100 hourly simple moving average.

It is discovering bids close to the 50% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive. On the upside, a direct resistance is close to the $3,000 degree. The subsequent key resistance is close to the $3,050 degree.

Source: ETHUSD on TradingView.com

A transparent break and shut above the $3,000 and $3,050 resistance ranges would possibly begin one other enhance. In the acknowledged case, the value might rally above $3,200. The subsequent cease for the bulls could presumably be close to the $3,400 degree.

Dips Limited in ETH?

If ethereum fails to proceed increased above the $3,000 and $3,050 resistance ranges, it might begin an prolonged draw back correction. An speedy help on the draw back is close to the $2,900 degree.

The subsequent main help is close to the $2,840 degree. It is close to the 76.4% Fib retracement degree of the current surge from the $2,725 swing low to $3,190 excessive. Any extra losses may lead the value in direction of the $2,740 help zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly shedding tempo within the bearish zone.

Hourly RSIThe RSI for ETH/USD is now under the 50 degree.

Major Support Level – $2,840

Major Resistance Level – $3,050



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