Ethereum price appears to be forming a base above the $2,820 level. ETH could break the $3,160 resistance and move higher towards the $3,320 resistance.
- Ethereum is consolidating losses above the $2,880 level.
- The price is trading above $3,000 and the 100 hourly simple moving average.
- There was a break above a descending trend line with resistance near $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above the $3,160 resistance.
Ethereum Price Sees More Upside
Ethereum price has retested the $2,820 support zone. ETH appears to be forming a base above $2,820 and has recently started a consolidation phase, as Bitcoin. There was a recovery wave above the $2,880 and $2,920 resistance levels.
There was also a break above a downtrend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair tested the $3,080 resistance zone. A high was formed at $3,072 and the price could seek further upside in the near term.
Ethereum is now trading above $3,000 and the 100-hour Simple Moving Average. It is also above the 23.6% Fibonacci retracement level of the upward move from the $2,894 swing low to $3,072 high.
If there is another recovery wave, the price could face resistance near the $3,080 level. The first major resistance is near the $3,150 level. The next major hurdle is near the $3,200 level. A close above the $3,200 level could send Ether towards the $3,320 resistance.
The next key resistance is near the $3,350 level. An upside break above the $3,350 resistance could send the price higher towards the $3,500 resistance zone.
Another ETH decline?
If Ethereum fails to clear the $3,150 resistance, it could start another decline. The initial support on the downside is near the $3,020 level. The first major support lies near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to $3,072 high.
A clear move below the $2,960 support could push the price towards $2,880. Any more losses could send the price towards the $2,820 level in the near term.
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 – $2,960
Major Resistance Level – $3,150