- Ethereum stretched upward past $3,080 and $3.1K.
- ETH trades above $3,050 and 100hr SMA.
- ETH/USD’s 1hr chart shows a move past a crucial bearish trend-line with resistance at $3,060.
- ETH should clear the levels at $3,120 and $3,130 for extended upside in the short term.
Ethereum gained momentum beyond the resistance of $3,050. A clear move beyond the hurdle around $3,120 could mean continued uptrends for the alt.
ETH Extends Upside Recovery
Ethereum printed a base beyond $3,000 and launched a lucrative recovery move. The largest altcoin by market value overcame the resistance at $3,050 and 100hr Simple Moving Average.
Moreover, the 1hr price chart shows an action beyond a massive bearish trend line with resistance at $3,060. The alt conquered the resistance zone at $3,080 to trade at the $3,100 peaks. For now, Ether consolidates the gains after forming a high near $3,131.
The pair had tried the 23.6% Fibonacci retracement zone of the upward wave from $2,880 to the $3,131 value area. For now, Ethereum hovers above the 100hr Simple Moving Average and $3,080. The first hurdle to the upside stands at $3,090 and a connecting bearish trend line.
Another resistance stands around $3,120, then $3,130. A close beyond $3,130 may launch a stable upward action in the short term. Upward moves will take bulls towards the massive obstacle near $3,200 – $3,220.
Ethereum Dips Limited?
Ethereum may kick-start downward actions if it fails to move past $3,090. Declines will discover the initial support floor at $3,080. However, the first primary foothold stands at $3,040 and 100hr SMA.
The weakness here can see Ether dipping towards the crucial footing at 3,000. This barrier stands near the 50% Fibonacci retracement zone of the upward wave to $3,131 from the swing low of $2,880. Breaching the $3,000 foothold can mean another downward move from Ethereum.
However, the high correlation with BTC means Ethereum will react depending on Bitcoin’s action. For now, Bitcoin trades with a 1.90% 24hr surge at $41,499. Maintaining the uptrends would deliver Ethereum support. However, downward actions by BTC will mean downsides for Ether.
Stay tuned for upcoming crypto updates.