Ethereum began to progressively soar above $3,050 when compared to the US Dollar. Bulls may remain active at $3,000 and $2,950, despite the fact that the price of Ethereum may correct downward.
Ethereum‘s price recently soared over the $3,100 and $3,150 barrier. Currently, the price is sitting around $2,850, close to the 100 hourly simple moving average.
A break below a strong positive trend line with support near $2,900 was seen on the hourly chart of ETH/USD. (Data courtesy of CoinMarketCap).
In the short term, the pair might drop to less than $2,800 or even $2,750. Ethereum’s Value Is Declining
Ethereum proceeded to slowly increase in value, finally crossing the $3,000 milestone. ETH even broke below the $3,000 barrier, settling itself below the 100 hourly simple moving average.
Ether is currently trading at around $2,850, close to the 100 hourly simple moving average. It continues to trade above the 23.6% Fib retracement level of the upward run from the swing low of $2,651 to the high of $3,173. There is immediate upside resistance near the $3,150 line.
The first major resistance is at $3,000. Around $3,100 could be the important breakout zone. The commencement of a fresh rising trend might be signaled by a close above the $3,200 resistance mark.
Around $3,320 could be the next important resistance level. Any further gains might pave the way for a rise to $3,500 in the not-too-distant future.
In ETH, Are Dips Limited?
A negative correction could start if ethereum fails to surge above the $3,150 and $3,200 resistance levels. $3,050 serves as an early support level on the downside.
The next significant support appears to be forming near the $2,950 level. If there are any more losses, the 50 percent Fib retracement level of the upward run from the swing low of $2,651 to the high of $3,173 at $2,912 could be tested. On the downside, a break below the $2,900 support zone might put the bulls under a lot of pressure.