18 C
New York
Friday, May 27, 2022

๐ŸŽ“ Which way is ETH price headed: down or up?

- Advertisement -
- Advertisement -

Commercial

okx banner top content

ETH attempted to rally above $3,000 but failed near $3,050, thus the coin started a bearish correction, with the price now trading above $2,900 and the 100 hourly simple moving average.

There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD, the pair is consolidating above $2900 and may start another rally in the near term.

However, ETH price remains supported as the coin started to rise above the $2850 resistance area, where it formed the $2920 and $2950 resistance levels, and the price rose above the level of $3000 and settled above the 100 hourly simple moving average. near $3,054 and the price is now correcting gains as a few pips corrected below the $3000 support area.

ethereum price

A move below the 50% Fibonacci retracement level of the up move from the $2885 low to $3054 high is now trading above $2900 and the 100 hourly simple moving average and is also being forming a major contracting triangle with resistance near $2,965 on the hourly chart of ETH/USD.

Support for the triangle lies near the 76.4% Fibonacci retracement level of the up move from the $2,885 low to $3,054 high.

In the event of a further rise, the price can break the $2,965 and $2,980 resistance levels.

As the first major resistance is near the $3,000 level, Ether price needs to cross the $3,000 resistance level to start another rally.

In this pattern, the price can rally towards the $3,050 level, and any further gains may warrant a move towards the $3,120 resistance area in the coming days.

But if ETH fails to initiate a new rise above $3000, a downside correction may start as initial support is down near trend line support and $2,940 the next major support is close by. $2,925 per hour, and a downside break below the $2,925 support area could trigger the price further down, in which case, the price may drop to $2,850.

Commercial

Article How to register on the Binance platform

Source link

- Advertisement -

New Articles