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newsbtc 2021-09-30 05:28:49

TA: Ethereum Just Reversed But $3,150 Presents A Major Challenge

Ethereum started a fresh increase from the $2,750-2,780 support zone against the US Dollar. ETH price could revisit the main $3,150 resistance zone in the near term. Ethereum started a fresh increase above $3,000 after testing the $2,780 zone. The price is now trading above $3,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,910 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise towards the main $3,150 and $3,165 resistance levels in the near term. Ethereum Price Gains Traction Ethereum remained strong near $2,780 and started a fresh increase, similar to bitcoin. ETH was able to clear the $2,880 and $2,950 resistance levels to enter a positive zone. There was a break above a key bearish trend line with resistance near $2,910 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the key decline from the $3,165 swing high to $2,788 low. Ether price is now trading above $3,000 and the 100 hourly simple moving average. It is consolidating near the $3,040 resistance level. The bears seem to be protecting the 61.8% Fib retracement level of the key decline from the $3,165 swing high to $2,788 low. Source: ETHUSD on TradingView.com The first major resistance is near the $3,075 level. The main resistance is still near the $3,150 and $3,165 levels. A break above $3,150 and $3,165 could start a steady increase. The next key resistance is near $3,200, above which the price might accelerate higher. Dips Limited in ETH? If ethereum fails to continue higher above the $3,050 and $3,075 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $2,975 level. The first key support is now forming near the $2,950 level and the 100 hourly simple moving average. If ether fails to stay above $2,950, there is a risk of a larger decline. In the stated case, the price might slide towards the $2,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is well above the 50 level. Major Support Level – $2,950 Major Resistance Level – $3,075

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TA: Ethereum Just Reversed But $3,150 Presents A Major Challenge

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