forex.pm forex forum binary options trade - Сryptocurrency exchanges - Ethereum Price Targets Upside Break: Positive Indicators Light the Path
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

Ethereum Price Targets Upside Break: Positive Indicators Light the Path

Started by Bitcoin, Jul 10, 2024, 06:39 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Bitcoin

Ethereum Price Targets Upside Break: Positive Indicators Light the Path

Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance.



  • Ethereum is slowly moving higher above the $3,000 level.

  • The price is trading above $3,000 and the 100-hourly Simple Moving Average.

  • There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could gain bullish momentum if there is a close above the $3,110 resistance.


Ethereum Price Eyes Steady Recovery


Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like Bitcoin. The price even cleared the $3,050 resistance before the bears emerged.


The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.


Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD.


Ethereum Price

The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone.


Another Decline In ETH?


If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.


A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 level in the near term.


Technical Indicators


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


Hourly RSIThe RSI for ETH/USD is now above the 50 zone.


Major Support Level - $2,975


Major Resistance Level - $3,110


Source: Ethereum Price Targets Upside Break: Positive Indicators Light the Path