Ethereum started a decent recovery and climbed above $3,000 against the US Dollar. ETH price could accelerate higher if it clears the $3,200 resistance zone. Ethereum started a decent upward move above the $3,000 and $3,050 levels. The price is now trading above $3,000 and near the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears $3,135 and $3,200 in the near term. Ethereum Price Is Rising Ethereum formed a support base above the $2,650 and started a steady recovery wave. ETH broke the $2,800 resistance zone and gained pace, similar to bitcoin. There was also a break above a major bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD. The pair surpassed the 76.4% Fib retracement level of the key decline from the $3,105 swing high to $2,651 swing low. The price is now trading above $3,000 and near the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,135 level. The first major resistance is near the $3,200 level. It is close to the 1.236 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low. Source: ETHUSD on TradingView.com A close above the $3,200 resistance could push the price further higher. The next major resistance might be near the $3,400 level. It represents the 1.618 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low. An intermediate resistance might be near the $3,320 level. More Losses in ETH? If ethereum fails to continue higher above the $3,135 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level. The next major support seems to be forming near the $3,000 level. A downside break below the $3,000 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,650 level, below which ether price might decline towards the $2,500 region in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level. Major Support Level – $3,000 Major Resistance Level – $3,200
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2021 to Oct 2021 Click Here for more Ethereum Charts.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Oct 2020 to Oct 2021 Click Here for more Ethereum Charts.