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

Apr 25, 2022

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

Originally posted here.
By: Aayush Jindal

Overview

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

The Post

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

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