Ethereum Steady Near $3,100 – 50 MA Supports Buying
Ethereum has risen above the $3,050 resistance level against the US dollar. The price of ETH/USD has even risen above $3,150 and may attempt
Ethereum has risen above the $3,050 resistance level against the US dollar. The price of ETH/USD has even risen above $3,150 and may attempt a break above $3,200. Ethereum’s price remained well supported above $3,000 and the 100 hourly simple moving average.
It even broke through the $3,120 resistance and reached a new high of $3,196. It is currently consolidating gains and trading below $3,150. Ether also tested the 23.6 percent Fib retracement level of the recent increase from the swing low of $2,832 to the high of $3,196.
The price, however, is above $3,050 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $3,050.
There is immediate resistance at the $3,150 level. The first major resistance is located near $3,180. The main resistance is located near $3,200. A successful close above $3,200 could spark another uptick. In the stated scenario, the price could test the next major barrier at $3,250. Any further gains could push the price up to $3,320.
Dips Accepted in ETH?
If Ethereum fails to start a new uptrend above $3,150 or $3,180, it may begin a downward correction. On the downside, the initial support level is near $3,110. The trend line and the $3,050 level are the next major supports.
The trend line and the 100 hourly simple moving average are both just below the 50 percent Fib retracement level of the recent increase from the swing low of $2,832 to the high of $3,196. If the price falls below the trend line support, it may move towards the $3,000 level. Any further losses may necessitate a move towards $2,880.
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