Can Ethereum Price Repeat Pattern and Start Fresh Surge To $3,200?

Ethereum
price
is
attempting
a
recovery
wave
from
the
$2,865
support.
ETH
might
start
a
fresh
surge
if
it
clears
the
$2,960
resistance
zone.

• Ethereum
  remained
  stable
  and
  attempted
  a
  recovery
  wave
  above
  $2,900.
• The
  price
  is
  trading
  below
  $2,950
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  was
  a
  break
  above
  a
  major
  bearish
  trend
  line
  with
  resistance
  at
  $2,930
  on
  the
  hourly
  chart
  of
  ETH/USD
  (data
  feed
  via
  Kraken).
• The
  pair
  could
  start
  a
  major
  increase
  if
  there
  is
  a
  close
  above
  the
  $2,990
  and
  $3,000
  resistance
  levels.

Ethereum
Price
Holds
Support

Ethereum
price
traded
as
low
as
$2,864
and
recently
started
an
upside
correction,
like

Bitcoin.
ETH
was
able
to
rise
above
the
$2,900
and
$2,920
resistance
levels.
Besides,
there
was
a
break
above
a
major
bearish
trend
line
with
resistance
at
$2,930
on
the
hourly
chart
of
ETH/USD.

The
price
even
spiked
above
$2,980
and
tested
$3,000.
A
high
was
formed
at
$2,992
and
the
price
is
now
correcting
gains.
There
was
a
minor
move
below
the
$2,960
level.
The
price
dipped
below
the
23.6%
Fib
retracement
level
of
the
recent
increase
from
the
$2,864
swing
low
to
the
$2,992
high.

Ethereum
is
now
trading
below
$2,950
and
the

100-hourly
Simple
Moving
Average.
Immediate
resistance
is
near
the
$2,950
level
and
another
connecting
bearish
trend
line
on
the
same
chart.
If
the
bulls
push
the
price
and
repeat
the
recent
breakout,
the
price
might
start
another
increase.

The
first
major
resistance
is
near
the
$3,000
level.
The
next
key
resistance
sits
at
$3,050,
above
which
the
price
might
gain
traction
and
rise
toward
the
$3,120
level.

Source:

ETHUSD
on
TradingView.com

If
there
is
a
clear
move
above
the
$3,150
level,
the
price
might
rise
and
test
the
$3,220
resistance.
Any
more
gains
could
send
Ether
toward
the
$3,250
resistance
zone.

Another
Failure
In
ETH?

If
Ethereum
fails
to
clear
the
$2,950
resistance,
it
could
start
another
decline.
Initial
support
on
the
downside
is
near
the
$2,2930
level
and
the
50%
Fib
retracement
level
of
the
recent
increase
from
the
$2,864
swing
low
to
the
$2,992
high.

The
first
major
support
is
near
the
$2,900
zone.
The
next
support
is
near
the
$2,865
level.
A
clear
move
below
the
$2,865
support
might
push
the
price
toward
$2,740.
Any
more
losses
might
send
the
price
toward
the
$2,650
level
in
the
near
term.

Technical
Indicators

Hourly
MACD

–
The
MACD
for
ETH/USD
is
gaining
momentum
in
the
bearish
zone.

Hourly
RSI

–
The
RSI
for
ETH/USD
is
now
below
the
50
level.

Major
Support
Level
–
$2,865

Major
Resistance
Level
–
$2,950