Ethereum Analysis: The Main Resistance is Now Forming Near the $2,750 Level.
Ethereum Price Starts Fresh Increase
Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared.
A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ethereum token price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance.
A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high.
However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels.
The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level.
Fresh Decline in ETH?
If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level.
The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Ethereum Price Starts Fresh Increase
Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared.
A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ethereum token price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance.
A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high.
However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels.
The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level.
Fresh Decline in ETH?
If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level.
The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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