Ethereum, similar to Bitcoin, fell below $ 3,000 and fell to $ 2, 930. ETH price is rising and a close above $3,200 could lead to a strong recovery, according to technical analysis by NewsBTC’s Aayush Jindal.
Ethereum Eyes on a Good Recovery
Ethereum dropped below the $3,000 support level yesterday. The price dropped as low as $2,920. Thereafter, there was a sharp upside correction above the $3,050 levels. Besides, there was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD. ETH is 61% of the bearish move from $3,210 to $2,931. It settled above the 8 Fib retracement level. It is currently consolidating above the $3,100 level.
An immediate resistance is near the $3,145 level. This is 76% of the downward move from $3,210 to $2,931. Close to the 4 Fib retracement level. The next major resistance is near the $3,200 level and the 100 hourly simple moving average.
3. $200 Matters
He says a clear upside break above the $3,200 level could ignite a decent recovery wave. The next key resistance is near the $3,300 level. Any further gains could send the price towards the $3,420 level in the near term.
Ethereum Drops More?
Jindal says that if Ethereum fails to start a fresh rise above the $3,200 level, it could start another decline. According to him, an initial support is near the $3,060 level. An initial key support is now forming near the $3,000 level. A downside break below the $3,000 level could put a lot of pressure on the bulls. In the stated case, there is a risk of a new monthly bottom below the $2,931 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is above the 50 level.
- Main Support Level – $3,060
- Main Resistance Level – $3,200