Ethereum price seems to be forming a base above the USD 2,820 level. ETH could break the USD 3,160 resistance and rise towards the USD 3,320 resistance.
- Ethereum is consolidating losses above the USD 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 trendline 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 has more upsides
Ethereum price has retested the USD 2,820 support zone. ETH appears to be forming a base above $2,820 and, like Bitcoin, has recently entered a consolidation phase. There was a recovery wave above the USD 2,880 and USD 2,920 resistance levels.
There was also a break above a key bearish trendline with resistance around $2,960 on the hourly chart of ETH/USD. The pair tested the USD 3,080 resistance zone. It reached a high at $3,072 and the price could look for more gains in the near term.
Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high.
If another recovery wave comes, the price may encounter resistance near the USD 3,080 level. The first major resistance is around the $3,150 level. The next major hurdle is near the USD 3,200 level. A close above the $3,200 level could send Ether towards the $3,320 resistance.
The next major resistance is near USD 3,350. An upside break above the USD 3,350 resistance could send the price higher towards the USD 3,500 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near $3,020. The first major support is near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high.
A clear move below the USD 2,960 support could push the price towards USD 2,880. Any further losses could send the price towards the USD 2,820 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,960
Major resistance level – $3,150