Categories: Cryptocurrency

Ethereum recovering wave

Published by
Nonhlanhla P Dube

In terms of the US dollar, Ethereum has begun a recovery wave above the $2,800( R 44,513) barrier. To continue rising in the short term, the price must break over the $2,850( R 44 831)  resistance level.

Above the $2,780( R 44 195) and $2,800( R 44,513)  marks, Ethereum began a decent comeback wave.
Above $2,820( R 45 785) and the 100 hourly simple moving average, the price is stabilizing.
On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance near $2,750( R 43,718). (data feed via Kraken).

To continue higher, the pair needs to break through the $2,850( R 45,308) and $2,860( R 45 466) resistance levels.
The Ethereum price is encountering resistance. Below the pivot mark of $2,850( R 45,308), Ethereum has taken a negative turn. ETH dropped below the $2,800( R 44,513)  support level as well as the 100 hourly simple moving average.

Before the bulls emerged, they traded as low as $2,718( R 43 210). The price of ether began an upward correction and surged beyond the $2,750( R 43,718) mark. The pricing was able to break through the $2,800( R 44,513)  barrier. A convincing rise above the 23.6 percent Fib retracement level of the crucial fall from the $2,980( R 4 375) swing high to the $2,718( R 43 210)   low was observed.

Furthermore, on the hourly chart of ETH/USD, there was a break above a strong negative trend line with resistance above $2,750( R 43,718). The currency pair is currently stabilizing above $2,820( R 44 831) and the 100 hourly simple moving average.

On the upside, an early resistance level is identified near $2,850( R 45,308). It is close to the 50% Fib retracement level of the major slide from the $2,980( R 47 375) swing high to the $2,718( R 43 210)  low. The next significant resistance is located near $2,880( R 45 785). A clear break above the $2,880 ( R 45 785)  barrier level may signal the start of a new uptrend.

Ethereum Cost

On the upside, the next big resistance level might be $2,920( R 46,420). Any further advances could push the price towards the $3,000 ( R 47,693) barrier level in the near term.

A New Drop-in ETH?

If Ethereum fails to break over the $2,850( R 45,308) resistance level, it may begin a new drop. On the downside, an early support level is near $2,800( R 44,513).

The first big support is around $2,750( R 43,718). If the price breaks below the $2,750( R 43,718)  support, it may return to the critical $2,720( R 43,718)  support zone. Any further losses might pave the way for a greater drop towards the $2,650( R 42,129) or possibly $2,620( R 41,652)  mark.

Indicators of Technical Performance

Hourly MACD – The ETH/USD MACD is now losing steam in the positive zone.

RSI on an hourly basis — The RSI for ETH/USD is over 50.

$2,800(R 44,513) for Major Support

$2,850( R 45,308) is the major resistance level.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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