Ethereum Price Regains Strength
Ethereum price formed a base above the $2,850 level and started a recovery wave, like ETH cleared a few key hurdles near $3,000 to enter a positive zone.
There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.
Another Decline In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,150 level. The first major support is near the $3,120 zone and the 100-hourly Simple Moving Average.
A clear move below the $3,120 support might increase selling pressure and send the price toward $3,020. Any more losses might send the price toward the $2,965 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 level.
Major Support Level – $3,150
Major Resistance Level – $3,280
Source: ETHUSD on NovaX.com
