Ethereum Price Signals Further Rise Unless It Breaks Above $3,080
When Ethereum reached a level of support close to $2,940, it started ascending steadily.
The price is currently trading close to $3,030 and the simple moving average in the 100-hour time frame.
On the hourly chart of ETH/USD, there was a break above a key downtrend line that had resistance at $2,990 (the data feed for this chart was provided by Kraken).
In a manner comparable to that of Bitcoin, the price of Ethereum continued to fall below the $1,000 mark. At some point, bulls established themselves close to $2,940, and ETH began a wave of recovery efforts. A new low was established at $2,936, and the price started to move in an upward direction.
Above the $2,980 threshold, there was a quite significant increase. While the price was moving downward from the high of $3,218 to the low of $2,936, it crossed the 23.6% Fibonacci retracement line after the move. In addition, there was a break above a significant downtrend line that reached resistance around $2,990 on the hourly chart of the Ethereum to US Dollar exchange rate.
At this moment, the price of Ethereum is sitting close to $3,030 and the 100 hourly simple moving average. In close proximity to the $3,040 mark and the 100 hourly simple moving average is where immediate resistance might be seen. The first significant level of resistance is located close to the $3,080 level, which is also the 50% Fibonacci retracement level of the decline from the $3,218 high to the $2,936 low.
The subsequent significant barrier is located at $3,150, and if the price is able to break over it, it may be able to advance to the $3,220 level. It is possible that the price will rise higher and test the $3,350 resistance level if there is a clear price movement above the $3,220 level. It is possible that Ether will move closer to the $3,550 resistance zone if future advances continue.
It is possible that Ethereum will start a further slide if it is unable to overcome the $3,080 barrier level. Initial support for the downside is located close to the $3,000 level. The first significant support exists in the vicinity of the $2,935 area.
In close proximity to the $2,880 level is the next support. It is possible that the price will move closer to $2,720 if it makes a severe move below the $2,880 support. It is possible that the price will arrive at the $2,650 level in the near future if it continues to suffer losses.