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Ethereum price started a recovery wave above $ 2,550 zone. ETH shows positive signs, but is confronted with many obstacles near the level of $ 2,880.
- Ethereum started a considerable upward movement above $ 2,550 zone.
- The price acts under $ 2,880 and the 100-hour simple advancing average.
- There is a short-term decrease from channel that forms with resistance at $ 2,800 on the ETH/USD graph per hour (data feed via cracking).
- The couple can start a new decline if it remains below the $ 2,880 level.
Ethereum price repair is confronted with obstacles
Ethereum -Price started a recovery wave after it had fallen heavily below $ 2,500, which Bitcoin under performance. ETH tested the $ 2,120 zone and recently started a recovery wave.
The price was able to exceed the resistance levels of $ 2,500 and $ 2,550. It even climbed above the 50% FIB retracement level of the downward movement of the $ 3,402 Swing high to $ 2,127 Swing Low. De Beren, however, are now active in the vicinity of the $ 2,900 zone.
The price could not remove the 61.8% FIB racement level of the downward movement from the $ 3,402 swing high to $ 2,127 swing low. There is also a short-term decrease from channel that forms with resistance to $ 2,800 on the ETH/USD graph per hour.
Ethereum price now trades under $ 2,880 and the 100-hour simple advancing average. At the top the price seems to have to do with obstacles near the level of $ 2,800.
The first major resistance is near the level of $ 2,880. The most important resistance is now almost $ 2,920. A clear movement above the $ 2,920 resistance can send the price to $ 3,000 resistance. An upward break above the $ 3,000 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 3,120 resistance zone or even $ 3,250 in the short term.
Another drop in ETH?
If Ethereum did not know the resistance of $ 2,880, this can start a new decline. The first support on the disadvantage is near the level of $ 2,640. The first major support is near the $ 2,550.
A clear movement under the support of $ 2,550 can push the price to $ 2,500 support. All losses can send the price in the short term to the support level of $ 2,420. The following key support is at $ 2,350.
Technical indicators
Hour MacD – The MACD for ETH/USD loses momentum in the bullish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Major support level – $ 2,550
Large resistance level – $ 2,880