ETH has recaptured the key price level of $ 3,000, but can the bulls clearly break it?
ETH / USD still range trading
Major support levels: $ 2,890, $ 2,710, $ 2,620.
Major Resistance Levels: $ 3,000, $ 3,200, $ 3,300.
Ethereum continues to trade within the range it set between $ 3,200 and the $ 2,770 (0.786 Fib) support about ten days ago. The 100-day MA continues to consolidate end-of-range support.
ETH found support at $ 2,800 yesterday and rose higher from there today, with the price reclaiming $ 3,000. Bulls need to break out of this established range to determine the next direction. A break above $ 3,200 could push ETH toward September highs, while a break below $ 2,800 is more likely to drop to $ 2,000.
ETH / USD daily chart. Source: TradingView.
Short term price forecast
On the flip side, initial support is at $ 2,890. This is followed by USD 2,710 (Fib 0.786 & 100-day MA), USD 2,620 (200-day MA & 1,414 bearish Fib extension) and USD 2,500.
Conversely, on the way up, ETH will have to flip the USD 3,000 resistance for support. This is followed by USD 3,200 (20-day MA), USD 3,300 (50-day MA), USD 3,350 and USD 3,500.
The daily RSI remains below the midline, suggesting some weak bearish momentum in the market. However, it is evolving to hold the 40 level and climb back into the bullish zone.
ETH / BTC – bulls defend 0.5 fib retracement level
Major support levels: 0.068 BTC, 0.0671 BTC, 0.066 BTC.
Key Resistors: 0.07 BTC, 0.072 BTC, 0.074 BTC.
Compared to BTC, ETH does well and holds the support of 0.068 BTC provided by the 0.5 Fib retracement level. It’s also stuck in a range between 0.068 BTC support and 0.071 BTC resistance. In order to resume the uptrend, the price has to break out of this range.
In addition, ETH is also trading on a descending channel here. It found resistance at the top of the channel just earlier in the week, pushing the price back towards the 0.068 BTC support.
ETH / BTC daily chart. Source: TradingView
Short term price forecast
On the way down, the initial support is at 0.068 BTC (Fib 0.5). This is followed by 0.0671 BTC (20-day MA), 0.066 BTC (Decreased Fibonacci Extension 1.272) and 0.0654 BTC (0.618 Fib).
Conversely, the first resistance is at 0.07 BTC (100-day MA), followed by 0.072 BTC, 0.074 BTC and 0.075 BTC.
Again, the RSI is still below the midline, indicating that weak bearish momentum is controlling price.
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cryptopotato