Black_background_logo_BitcoinWorld-removebg-preview
Ethereum
Latest News

Ethereum Regains Its Strength, But $3000 Remains A Major Obstacle

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.

Source: ETHUSD on TradingView.com

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.

Related Posts – AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.