Ethereum worth began a consolidation section close to the $3,000 zone. ETH is slowly shifting larger and may intention for a recent surge above $3,220.
- Ethereum is consolidating and dealing with hurdles close to $3,220.
- The worth is buying and selling above $3,150 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish development line with resistance at $3,130 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair may begin a recent improve if it clears the $3,220 resistance zone.
Ethereum Price Faces Hurdles
Ethereum worth remained supported above the $3,000 stage like Bitcoin. ETH shaped a base and lately moved above the $3,120 and $3,150 resistance ranges.
There was a break above a key bearish development line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even cleared the $3,200 stage and examined $3,220. A excessive was shaped at $3,224 earlier than there was a pullback. The worth dipped under the 23.6% Fib retracement stage of the upward transfer from the $3,051 swing low to the $3,224 excessive.
Ethereum worth is now buying and selling above $3,150 and the 100-hourly Simple Moving Average. On the upside, the worth appears to be dealing with hurdles close to the $3,200 stage.
The first main resistance is close to the $3,220 stage. The fundamental resistance is now forming close to $3,250. A transparent transfer above the $3,250 resistance may ship the worth towards the $3,320 resistance. An upside break above the $3,320 resistance may name for extra features within the coming periods. In the said case, Ether may rise towards the $3,450 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $3,220 resistance, it may begin one other decline. Initial help on the draw back is close to the $3,140 stage or the 50% Fib retracement stage of the upward transfer from the $3,051 swing low to the $3,224 excessive. The first main help sits close to the $3,050 zone.
A transparent transfer under the $3,050 help may push the worth towards $3,000. Any extra losses may ship the worth towards the $2,940 help stage within the close to time period. The subsequent key help sits at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,140
Major Resistance Level – $3,220
