Ethereum has initiated a recovery process above the $ 2.820 level. ETH however, it needs to break out of the $ 2.920 resistance to start a steady upward move
Recall that yesterday Ethereum began a short-term upward correction above the $ 2.780 and $ 2.800 levels: the price traded above $ 2.820 and the 100-hour simple moving average, and then a channel was formed. key ascendant with support near $ 2.820 on the ETH / USD hourly chart. However, the exchange must break above the $ 2.885 and $ 2.920 resistance levels to continue rising.
New attempt to hike by Ethereum
Ethereum formed a base above the $ 2.750 level and began a recovery attempt. ETH was able to climb above the $ 2.780 and $ 2.800 levels.
The price of Ether is now trading above $ 2.820 and above the 100-hour simple moving average. However, bears are active above the $ 2.880 level and on the upside an initial resistance is seen near the $ 2.880 level.
At that point, the next major resistance to consider is the one near the $ 2.920 level. A clear move above the $ 2.920 resistance could initiate a steady upward move. In the case indicated, the price of Ether could rise towards the high of $ 2.980. Any other gains could possibly send the price towards the $ 3.050 resistance in the near term.
If Ethereum fails to gain momentum above the $ 2.920 resistance, another decline could begin. Initial bearish support is near the $ 2.820 zone.
Support for the channel is also close to the $ 2.820 zone. Should there be a bearish break below the $ 2.820 support, then the price could gain bearish momentum. The next major support is near $ 2.760, below which the price could revisit the $ 2.720 zone. Any other losses could perhaps open the door for a larger decline towards the $ 2.550 or even $ 2.500 level.