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Ethereum in consolidation, a new rally is upon us?

Ethereum it is consolidating near the $ 3.000 zone. The price could start a new rally if it manages to jump above $ 3.020 and $ 3.050 in the next few hours. In fact, Ethereum was initially pushed back against these barriers, but corrected lower to find support near the $ 2.950 zone, where it is currently trading.

So, although Ethereum extended its mini rally above the $ 3.000 level, it had to contend with evidently stiffer than expected resistance before correcting to the downside below the $ 3.000 psychological support, but with the declines that are were capped below the $ 2.950 level.

Il price of the Ether it is now trading above $ 2.950 and the 100-hour simple moving average. An immediate resistance to the upside is placed near the $ 3.020 level, but the first major resistance, which will need to be tested before going long, is that of the $ 3.050 level. A break above the $ 3.050 level could initiate a steady rise in prices towards at least $ 3.150 and $ 3.165, above which the price could accelerate higher.

On the other hand, if Ethereum fails to continue rising above the $ 3.020 and $ 3.050 resistance levels, a new downward correction may begin. A first downside support is near the $ 2.980 level, after which the $ 2.950 level should be tested. If that support breaks down, the next test would be the $ 2.800 test.

 

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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