Ethereum on a Bullish Move – What Could Push ETH/USD to $2900?
Ethereum has broken through the $2,820 support level, entering a bearish zone against the US dollar. ETH is still vulnerable to further
Ethereum has broken through the $2,820 support level, entering a bearish zone against the US dollar. ETH is still vulnerable to further declines below $2,740. After failing to break through the $2,880 level, ETHEREUM began a new decline.
The price has dropped below $2,820 and the 100 hourly SMA (simple moving average). On the hourly timeframe of ETH/USD, there was a break below a key rising channel with support near $2,820. The pair must break through the $2,800 and $2,820 resistance levels to begin a recovery wave.
Ethereum’s Price Has Resumed its Decline
Ethereum attempted to break above the $2,900 resistance level. On the other hand, ETH struggled to break through the $2,880 barrier and began a new decline. There was a break below the $2,850 and $2,820 support levels. The price fell sharply below the 50 percent Fib retracement level of the upward move from the swing low of $2,718 to the high of $2,881. On the hourly chart of ETH/USD, there was also a break below a key rising channel with support near $2,820.
The price of ether is currently trading below $2,820 and the 100-hourly simple moving average. It also tested the 76.4 percent Fib retracement level of the upward move from the swing low of $2,718 to the high of $2,881. The price is currently consolidating near $2,790. On the upside, an initial resistance is seen near the $2,800 level on the same chart and a connecting bearish trend line. The next significant resistance is near $2,820 and the 100 hourly simple moving average.
A clear break above the $2,820 resistance level could signal the start of a steady upward trend. In the aforementioned scenario, the price of ether could rise toward the $2,880 resistance level. Any further gains could pave the way for a move above $2,920.
More ETH Losses?
If Ethereum fails to break through the $2,820 resistance level, it may continue to drop. On the flip side, an initial support level is near $2,750.
The next major support is around $2,720. If the price breaks below the $2,220 support, it may gain bearish momentum. There is a risk of a move towards the $2,600 level in the scenario above. Good luck!
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