As a seasoned crypto investor with a few bear market cycles under my belt, I’ve learned to be patient and attentive to price action. The Ethereum price forming a base above the $2,820 level is an encouraging sign, especially after the recent correction.
The Ethereum price appears to be establishing a support base just above the $2,820 mark. There’s a strong possibility that Ethereum could surmount the $3,160 barrier and move forward towards the $3,320 resistance level.
- 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 key bearish 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 Eyes More Upsides
The price of Ethereum has recently revisited the $2,820 mark, acting as a strong support level. It appears that Ethereum is building a foundation above this level, with signs of consolidation similar to Bitcoin‘s current phase. A recovery wave has emerged, pushing the price past the previous resistance levels at $2,880 and $2,920.
An intriguing development unfolded on the hourly chart of ETH/USD as the pair surpassed a significant bearish trend line with a resistance level around $2,960. The price then approached the resistance zone at $3,080 where it was tested. A new high of $3,072 was established, suggesting potential for further gains in the short term.
Currently, Ethereum surpasses both the $3,000 price mark and the 100-hour Simple Moving Average on the chart. Additionally, it lies above the 23.6% Fibonacci retracement level in the ongoing upward trend from its previous low at $2,894 to its high at $3,072.
As a researcher studying the price movements of Ether, I would anticipate that should another recovery wave emerge, the price may encounter resistance around the $3,080 mark. The first significant resistance point lies at the $3,150 level. Overcoming this barrier could pave the way for further growth, with the next substantial challenge appearing near the $3,200 threshold. A successful break above the $3,200 level might propel Ether towards the $3,320 resistance.
If we move forward, the next significant barrier for the price lies around $3,350. Should the price surpass this hurdle, it could propel further upwards, aiming for the $3,500 resistance area.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,150 resistance point, there is a risk for another price drop. A preliminary floor can be found around $3,020. The primary level of support lies in the vicinity of $2,960 and also corresponds to the 61.8% Fibonacci retracement mark of the upward trend from the $2,894 swing low to the $3,072 peak.
As a crypto investor, if I observe a significant drop in price and it breaks the support at $2,960, I would expect the downward trend to continue towards $2,880. Further losses could potentially push the price even lower, approaching the $2,820 level in the near future.
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
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-07-09 06:58