• Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

TA: Ethereum Reclaims $3K, Can The Bulls Clear This Key Hurdle

Started by Bitcoin, Apr 26, 2022, 06:34 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Bitcoin

TA: Ethereum Reclaims $3K, Can The Bulls Clear This Key Hurdle

Ethereum started a strong recovery from $2,800 against the US Dollar. ETH is back above $3,000 and eyes a major increase above the $3,035 resistance.



  • Ethereum started a major recovery wave above $2,900 and $2,950.

  • The price is now trading above $2,950 and the 100 hourly simple moving average.

  • There was a break above a key bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must stay above the $2,980 support to accelerate further higher above $3,035.


Ethereum Price Dives

Ethereum extended decline below the $2,850 support zone. However, ETH found a strong buying interest near the $2,800 level. A low was formed near $2,800 and the price started a strong upward move.


There was a clear move above the $2,880 and $2,920 resistance levels. Ether price climbed above the 50% Fib retracement level of the key decline from the $3,179 swing high to $2,800 low. Besides, there was a break above a key bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD.


The price is now trading above $2,950 and the 100 hourly simple moving average. It is also consolidating near the $3,000 level. On the upside, an initial resistance is seen near the $3,035 level.



Source: ETHUSD on TradingView.com

The 61.8% Fib retracement level of the key decline from the $3,179 swing high to $2,800 low is also near the $3,035 level. A clear move above the $3,035 resistance might start another increase. The next major resistance is near the $3,090 level. Any more gains may perhaps send the price towards the $3,180 resistance. If there is a move above $3,180, the price could rise towards $3,250.


Dips Limited in ETH?

If ethereum fails to gain pace above the $3,035 level, it could start a downside correction. An initial support on the downside is near the $2,980 zone.


The first major support is near the $2,950 level and the 100 hourly simple moving average. If there is a downside break below the $2,950 support, the price could start a major decline. The next key support is near the $2,915 zone, below which there is a risk of a move towards $2,850.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is now losing pace in the bullish zone.


Hourly RSI – The RSI for ETH/USD is now above the 50 level.


Major Support Level - $2,980


Major Resistance Level - $3,035


Source: TA: Ethereum Reclaims $3K, Can The Bulls Clear This Key Hurdle