Ethereum (ETH) On a Crucial Inflection Level; $3.1K Remains Vital
- Ethereum launched a massive upward move from the level of $2,880.
- The alt has its price actions beyond 3K and 100hr SMA.
- ETH’s one-hour chart shows a bearish trend-line developing with resistance at $3,070 (Kraken data).
- Ethereum should overcome $3,080 and $3.1K for a massive uptrend.
ETH kick-started a stable upward move beyond the resistance at $2,980. For now, the 2nd-largest crypto faces a massive hurdle at $3,080 and $3.1K.
ETH Recovers Losses
Ethereum stretched the downward action beneath the support at $2,900 ad 100hr SMA. The leading alt even dropped beneath $2,900 but discovered support around the $2,880 zone. ETH formed a low at this level and launched steady surges.
The upward move saw Ethereum climbing beyond $2,980 and $3K resistance zones. Meanwhile, Ether trades beyond $3K and 100hr SMA.
Ethereum consolidates gains after forming a high near $3,068. The alt trades past the 23.6% Fibonacci retracement of the upward move from $2,880 to the $3,068 peak. On the other side, the first resistance appears at $3,070.
Furthermore, the ETH’s 1hr chart shows a crucial bearish trend-line emerging with resistance at $3,070. Another hurdle stands at $3,080 and $3.1K.
A close beyond the $3.1K value level may launch stable uptrends in the short term. That would take Ethereum to the next massive resistance at $3,150, then $3,220.
New Plummets n Ethereum?
Ethereum could see a downward move if it fails to gain strength beyond $3.1K. The cryptocurrency would discover the first support at $3,020 and 100hr SMA. Losing this barrier will see ETH plummet to the foothold of $2,908.
The area sits near the 50% Fibonacci retracement area of the latest upsurge from $2,880 to $3,068. However, a downward move to ruin the support floor at $2,980 may trigger a new drop for the token. That would risk a move towards $2,880.
Meanwhile, ETH’s correlation with Bitcoin means the alt’s upcoming price reactions can depend on BTC’s move. For now, Bitcoin trades at $40,793, surging 4.46% over the past 24 hours. Overcoming the hurdle at $41.5K would trigger a bullish reaction in the market, backing Ether’s upswings.
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