Ethereum (ETH) is still consolidating above the $2,550 support, while Bitcoin gained some strength. The price might rise but could face hurdles near $3,050.
Ethereum Price Prepares For The Next Move
In the last technical analysis, we saw how Ethereum was able to recover from the $2,090 zone. There was a decent upward move above the $2,200 and $2,500 resistance levels. The bulls even pushed the price above the $2,550 pivot level.
ETH price settled above the 23.6% Fib retracement level of the downward wave from the $4,094 swing high to the $2,090 low. However, the bears are still active and preventing a decent increase toward the $3,000 resistance zone.
Ethereum price daily chart | Source: ETH/USD on TradingView.comEthereum is still well below the $3,000 level and 50-day simple moving average (blue). It seems to be consolidating and preparing for the next move. If the bulls remain active, the price could attempt a fresh increase.
On the upside, the price could face resistance near the $2,800 level. The first major resistance sits near the $3,000 level. The next resistance is near the $3,050 zone and the 50-day simple moving average (blue).
There is also a major bearish trend line forming with resistance at $3,090 on the daily chart. It coincides with the 50% Fib retracement level of the downward wave from the $4,094 swing high to the $2,090 low.
A clear move above the $3,090 level could open the doors for a strong increase toward the $3,330 level. If ETH clears the $3,330 resistance, the bulls could aim for a move toward the $3,650 resistance. Any more gains might call for a test of the $4,000 resistance zone in the coming days.
Another Rejection and Downside Reaction In ETH?
If ETH fails to start a fresh increase above $2,800 or $3,000, there could be another bearish reaction. Immediate support on the downside is near the $2,650 level. The first major support sits near the $2,550 level.
A daily close below the $2,550 level might spark heavy bearish moves in Ethereum. In the stated case, the price could drop and test the $2,350 support. If there is a clear move below the $2,350 support, ETH price might even decline and retest the $2,090 support zone in the coming days.
Overall, Ethereum price is consolidating above the $2,550 support and might soon start a decent increase. However, it could face many hurdles near the $2,880 and $3,090 levels. On the downside, the $2,550 support is the key in the short term.
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