Ethereum Price Signals Fresh Increase Unless Fails To Surpass $3,080
May 09 2024 - 11:23PM
NEWSBTC
Ethereum price started a recovery wave from the $2,940 support. ETH
could gain bullish momentum if it clears the $3,055 and $3,080
resistance levels. Ethereum found support near $2,940 and started a
steady increase. The price is trading near $3,030 and the
100-hourly Simple Moving Average. There was a break above a major
bearish trend line with resistance at $2,990 on the hourly chart of
ETH/USD (data feed via Kraken). The pair must surpass the $3,080
resistance to continue higher in the near term. Ethereum Price
Holds Support Ethereum price extended losses below the $3,000
level, like Bitcoin. Finally, the bulls appeared near the $2,940
and ETH started a recovery wave. A low was formed at $2,936 and the
price started an upside correction. There was a decent increase
above the $2,980 level. The price cleared the 23.6% Fib retracement
level of the downward move from the $3,218 swing high to the $2,936
low. Besides, there was a break above a major bearish trend line
with resistance at $2,990 on the hourly chart of ETH/USD. Ethereum
is now trading near $3,030 and the 100-hourly Simple Moving
Average. Immediate resistance is near the $3,040 level and
100-hourly Simple Moving Average. The first major resistance is
near the $3,080 level or the 50% Fib retracement level of the
downward move from the $3,218 swing high to the $2,936 low. Source:
ETHUSD on TradingView.com The next key resistance sits at $3,150,
above which the price might gain traction and rise toward the
$3,220 level. If there is a clear move above the $3,220 level, the
price might rise and test the $3,350 resistance. Any more gains
could send Ether toward the $3,550 resistance zone. Another Decline
In ETH? If Ethereum fails to clear the $3,080 resistance, it could
start another decline. Initial support on the downside is near the
$3,000 level. The first major support is near the $2,935 zone. The
next support is near the $2,880 level. A clear move below the
$2,880 support might push the price toward $2,720. Any more losses
might send the price toward the $2,650 level in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now above the 50 level. Major Support Level – $2,935 Major
Resistance Level – $3,080
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