TA: Ethereum reverses losses which could trigger an increase to $ 3,500

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Ethereum’s support for the US dollar was at $ 2,950. The price of Ethereum has begun to rise further and may even surpass the resistance of $ 3.300.

  • Ethereum saw a new rise above resistance levels of $ 3,120 & $ 3,200.
  • The price is trading at $ 3,150, and the simple moving average of 100 hours is at $ 3.150.
  • A break occurred above a critical bearish trendline and resistance was near $ 3,150 on hourly chart ETH/USD (data feed via Kraken).
  • If there is a clear break above $3,260, the pair could accelerate further.

Ethereum price turns green

Ethereum has maintained a high level of support at $ 2,950, which is similar to Bitcoin’s near $ 44,000. The price for Ethereum rose from $ 2,950 to $ 2,950.

Clear break occurred above resistance levels at $ 3,000 and $3,050. The price rose above 50% fiber retracement levels of the main decline, which was $ 3,335 at its highest and $ 2,950 at its lowest. Ether even moved higher than the $ 3,150 level, and the 100-hour simple moving mean.

Also, the pair broke above a critical bearish trendline with resistance close to $ 3,150 on an hourly ETH/USD chart. The resistance of $ 3,200 is now above the pair.

Source: ETHUSD

On the upside, initial resistance lies near the $ 3 245 level. It is close to the 76.4% Fib level of the main fall, which moved from $ 3,335 to $ 2,950. The $ 3,260 area is the first resistance. A break above the $ 3260 level could lead to a move towards the $ 3330 resistance. A move towards the $ 3,500 mark may be necessary to continue your gains.

Are there any dips that are not limited to ETH?

Ethereum could initiate a further downtrend if it fails above the resistance levels $ 3,245 & $ 3,260. Immediate support is at the $ 3,165 level.

Support is currently forming around the $ 3,150 area, and the 100-hour simple moving average. A break below the $ 3150 support zone could trigger a more severe decline. The next major support area could be $ 3,120. Below which bears could seek a new test at $ 3,000 in near term.

Technical indicators

Hourly MACDThe MACD for USD / ETH is now moving in the bullish area.

Hourly RSIThe RSI is now well over 60 for USD and ETH.

Major Support Level – $ 3,150

Major Resistance Level $ 3,330


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