Is Ethereum Staging a Short-Term Rally - Price Analysis.
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2022-05-03 | Selina Mathew
Ethereum's Price Is Facing Difficulties
Ethereum built a base beyond $2,750 and began a rebound wave. ETH was able to break through the $2,780 as well as $2,800 resistance levels.
A definite rise over the 50 percent Fib retracement level of the major drop from the $2,980 surge high to the $2,720 low was observed. On the hourly graph of ETH/USD, a significant ascending channel is developing with support at $2,820.
The value of ether is currently trading over $2,820 as well as the 100 hourly simple moving average. The bears, on the other hand, are active over $2,880. On the upswing, an early resistance level is identified near $2,880. It is close to the 61.8 percent Fib retracement of the major slide from the $2,980 spike high to the $2,720 low.
The following significant resistance is at $2,920. A clean break over the $2,920 resistance level might signal the beginning of a prolonged rising trend. In the aforementioned scenario, the price of ether might soar to the $2,980 high. Any further gains might push the price approaching the $3,050 barrier in the short future.
A further Drop in ETH?
If ethereum misses to break over the $2,920 barrier level, it may begin a new drop. On the negative, an early support level is at $2,820.
The channel support is quite close to $2,820. If the price breaks underneath the $2,820 support, it may gather bearish impetus. The next significant support is at $2,760, under which the value may return to the $2,720 region.
The channel security is likewise close to $2,820. If the price breaks below the $2,820 support, it may gather bearish momentum. The next significant support is at $2,760, below which the price may return to the $2,720 region. Any further losses might pave the way for a greater drop towards the $2,550 or possibly $2,500 mark.
Measures of Technical Performance
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ETH/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
Hourly MACD - The ETH/USD MACD is presently losing steam in the positive zone.
RSI on an hourly basis — The RSI for ETH/USD is over 50.
$2,820 for Major Support
$2,920 is the major resistance level.
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