Ethereum Price Looks Ready For Another Leg Higher Over If It Holds Support

Ethereum worth is prolonged losses and examined the $2,940 help. ETH might begin a recent enhance if it clears the $3,000 and $3,030 resistance ranges.

• Ethereum remained in a bearish zone and traded under the $3,000 stage.
• The worth is buying and selling under $3,050 and the 100-hourly Easy Transferring Common.
• There was a break above a key bearish pattern line with resistance at $2,980 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair should keep above the $2,940 help to start out one other enhance towards $3,220.

Ethereum Worth Dips Under $3K

Ethereum worth remained in a bearish zone and prolonged losses under the $3,050 stage, like Bitcoin. ETH bears have been capable of push the worth under the $3,000 stage.

A low was shaped at $2,936 and the worth is now consolidating losses. Ethereum is buying and selling under $3,050 and the 100-hourly Easy Transferring Common. Not too long ago, there was a break above a key bearish pattern line with resistance at $2,980 on the hourly chart of ETH/USD.

Fast resistance is close to the $3,000 stage or the 23.6% Fib retracement stage of the latest decline from the $3,218 swing excessive to the $2,936 low. The primary main resistance is close to the $3,030 stage or the 100-hourly Easy Transferring Common.

Supply: ETHUSD on TradingView.com

The subsequent key resistance sits at $3,080 or the 50% Fib retracement stage of the latest decline from the $3,218 swing excessive to the $2,936 low, above which the worth would possibly achieve traction and rise towards the $3,150 stage. If there’s a clear transfer above the $3,150 stage, the worth would possibly rise and take a look at the $3,220 resistance. Any extra positive factors might ship Ether towards the $3,350 resistance zone.

Extra Losses In ETH?

If Ethereum fails to clear the $3,030 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $2,965 stage. The primary main help is close to the $2,940 zone.

The subsequent help is close to the $2,880 stage. A transparent transfer under the $2,880 help would possibly push the worth towards $2,720. Any extra losses would possibly ship the worth towards the $2,650 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 stage.

Main Assist Stage – $2,940

Main Resistance Stage – $3,030

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