Ethereum pushed its rise above the $ 2,750 resistance zone against the US Dollar. ETH price is showing positive signals and could rise to $ 3,000 or higher. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ethereum pushed the recovery wave above the $ 2,650 and $ 2,750 levels.
- The price is currently trading above the $ 2,700 support and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $ 2,600 on the hourly chart of ETH / USD (data from Kraken).
- The pair is now showing signs of more gains above $ 2,900 and $ 2,950.
Ethereum (ETH) Price Continues To Rise
Ethereum continued to be supported above the $ 2,500 level and expanded its recovery wave. There was a break above the $ 2,600 and $ 2,650 resistance levels, which opened the doors for a steady rise.
There was a clear break above the 61.8% Fib retracement level of the downside from $ 2,742 to $ 2,375. Moreover, there was a break above a key bearish trend line with resistance near $ 2,600 on the hourly chart of ETH / USD.
Ethereum price is currently trading above the $ 2,700 support and the 100 hourly simple moving average. It took the recent volatility close to $ 2,742 and is currently trading above $ 2,800.
It is also testing the 1.236 Fib extension level of the downside move from $ 2,742 to $ 2,375. If there is more gain, the price could test the $ 2,950 resistance. The next major resistance is near the $ 3,000 level.
Will Etherum (ETH) Fall?
If Ethereum fails to break above the $ 2,900 and $ 2,9500 resistance levels, it could start a downside correction. Initial support on the downside is near the $ 2,750 zone.
The first major support is near the $ 2,650 level. Further losses could lead the price to the $ 2,550 support zone and the 100 hourly simple moving average.
- Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH / USD is currently well above the 50 level.
- Major Support Level – $ 2,750
- Major Resistance Level – $ 2,950