Ethereum price extended losses and tested the $3,080 support zone. ETH is recovering and might aim for a test of the $3,350 resistance zone.
Ethereum tested $3,080 and started a recovery wave.
The price is trading below $3,350 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it stays above the $3,180 support zone.
Ethereum price extended losses below the $3,250 support zone. ETH even declined below $3,150 and tested the $3,080 support zone. A low is formed at $3,087 and the price is now rising but lacks momentum like Bitcoin.
There was a move above the $3,200 resistance. The price cleared the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD.
Ethereum is still trading below $3,350 and the 100-hourly Simple Moving Average. If there are more upsides, the price could face resistance near the $3,300 level.
The first major resistance is near the $3,350 level, the 100-hourly Simple Moving Average, and the 61.8% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. The next major hurdle is near the $3,400 level. A close above the $3,400 level might send Ether toward the $3,500 resistance.
The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days.
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near $3,185. The first major support sits near the $3,120 zone.
A clear move below the $3,120 support might push the price toward $3,080. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $2,950.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,185
Major Resistance Level – $3,350
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
