Ethereum To Match Bitcoin’s Strength and Surge? Indicators Turn Green
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Ethereum price started a decent upward move from the $3,080 support zone. ETH is recovering and might aim for a test of the $3,500 resistance zone. Ethereum is showing positive signs from the $3,150 pivot zone. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $3,280 support zone.
A low is formed at $3,087 and the price started a decent increase above the $3,220 resistance zone. The pair was able to clear the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low. Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. If there are more upsides, the price could face resistance near the $3,375 level or the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.
The next major hurdle is near the $3,450 level. A close above $3,450 might send Ether toward the $3,500 resistance. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days.
If Ethereum fails to clear the $3,400 resistance, it could start a downside correction. Initial support on the downside is near $3,280. A clear move below $3,180 might push the price toward $3,120. Major support levels are $3,250, $3,180, and $3,080. Hourly MACD for ETH/USD is gaining momentum in the bullish zone. RSI for ETH/USD is now above the 50 zone.
Source: www.newsbtc.com ↗
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