- Ethereum secured reliable support at the $2,900 value region.
- ETH price hovers beyond $2,920 and 100-hour SMA
- Ethereum’s 1hr price chart shows a bullish trend-line developing with the support of $2,985 (Kraken data feed).
- The pair consolidates around $3,000, and the rally might extend higher in the short term.
Ethereum sees its price moving higher past $3,000. The leading alternative coin might gain momentum with a decisive move beyond the resistance zone at $3,080.
Ethereum Readies for Further Gains
Ethereum encountered lower corrections beneath the support of $2,950. Nevertheless, the near-term resistance protected the alt from more drops. For now, ETH stays well beyond the 100-hr Simple Moving Average.
ETH started an upside journey, overcoming the resistance barrier at $3,000. The leading altcoin even spiked past the value area at $3,050. That way, Ether formed a high at $3,080 and consolidated the gains at the moment.
The crypto saw a slight fall beneath the $3,050 mark. The prices dropped under the 23.6% Fibonacci retracement area of the upsurge from the swing low around $2,926 to $3,080.
For now, ETH consolidates around $3,000 and stays well beyond the 100-hr Simple Moving Average. Moreover, ETH/USD’s hourly price chart shows a significant bullish trend-line developing with the support of around $2,985.
Ethereum’s first resistance to the upside sat at $3,065. The first crucial resistance sits at $3,080. Meanwhile, the altcoin should overcome the resistance at $3,080 for another leg-up.
Such a scenario might see the token climbing to $3,120. Further upsurges would see ETH moving towards the resistance area near $3,250 in the upcoming sessions.
Downsides by Ethereum?
Ethereum’s failure to trigger a new surge past $3,080 will welcome downward retracements. That would see ETH discovering support at $3,000.
Losing strength at this value region will see ETH hitting the foothold at $2,980 and the trend-line. A downward break beneath the $2,980 market might push ETH further lower. Such developments might see Ether dropping towards $2,920.
ETH Technical Indicators
- Crucial support zone – $2,980
- Crucial resistance zone – $3,080
- 1hr RSI stays beyond 50
- 1hr MACD loses momentum inside the bullish area.