Against the US Dollar, Ethereum began a steady comeback wave over the $2,980 level. The price of ETH is currently encountering severe resistance at $3,080 and $3,100.
From the $2,880 level, Ethereum began a significant upward reversal. The price has risen beyond $3,000 and is presently trading above the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $3,070 to begin a big upward run. The pair needs to surpass $3,080 and $3,100.
Signals of Significant Rise
The price of Ethereum has continued to fall below the $2,980 support level and the 100 hourly simple moving average. Even though ETH fell below $2,900, it found substantial support at $2,880. A low was at about $2,880, and the price began to rise steadily. A move above the $2,980 and $3,000 resistance levels was made. The price of Ether has already surpassed $3,000 and the 100 hourly simple moving average. The price has made a new high at $3,068 and is presently consolidating gains. It is currently trading above the 23.6 percent Fib retracement line of the latest rise from the swing low of $2,880 to the high of $3,068. On the upside, $3,070 serves as an early resistance level.
On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $3,070. The next key resistance levels are at $3,080 and $3,100. If Ethereum fails to gain traction over $3,100, it may begin a downward trend. On the downside, the $3,020 zone and the 100 hourly simple moving average provide first support.
Near the $2,980 level, the next big support is found. It’s near the 50% Fib retracement level of the latest rise from the swing low of $2,880 to the high of $3,068. If the price breaks below the $2,980 support, the price may begin to fall again. There is a danger of a rise towards the $2,880 mark in this scenario.