Against the US Dollar, Ethereum began to rise steadily beyond the $2,920 resistance level. To continue upward in the short term, ETH must break beyond $2,980 and $3,000 levels.
The price of Ethereum is beginning to recover.
Ethereum established a base over $2,760 and began a steady rise. To enter the positive zone, ETH surged above the $2,850 and $2,880 resistance levels.
Ether even broke through $2,900 and the 100 hourly simple moving average. Finally, there was a rise above $2,950, with the price reaching as high as $2,969. It is currently consolidating gains beneath the $2,980 barrier level.
It is currently trading above the last wave’s 23.6 percent Fib retracement mark from the $2,756 swing low to $2,969 high. On the hourly chart of ETH/USD, a big bullish trend line is forming with support near $2,900. On the upside, there is some initial resistance near $2,970.
The $2,980 level is the first major resistance. The primary breakout zone has moved closer to the $3,000 mark. A close above $3,000 might signal the start of a broader rally. In this scenario, the price of ether could surge to the $3,150 resistance level.
More drops, more troughs
If ethereum fails to gain traction above the $2,980 resistance, a negative correction could ensue. Then, On the downside, $2,920 serves as an initial support level.
So, Near the $2,900 level and the trend line, the next important support is found.
If ether price breaks below the trend line support, the 50 percent Fib retracement level of the recent wave from the $2,756 swing low to the $2,969 high could be tested.
Lastly, If there are any additional losses, the $2,850 support and the 100 hourly simple moving average may be tested.
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