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Home»EXCHANGE NEWS»Ethereum price will signal a new uptrend unless it exceeds $3,080.
EXCHANGE NEWS

Ethereum price will signal a new uptrend unless it exceeds $3,080.

By Crypto FlexsMay 10, 20242 Mins Read
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Ethereum price will signal a new uptrend unless it exceeds ,080.
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Ethereum price began its recovery from the $2,940 support. ETH could gain bullish momentum if it breaks the $3,055 and $3,080 resistance levels.

  • Ethereum found support near $2,940 and began a steady increase.
  • The price is trading near $3,030 and the 100-hourly simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), it has broken a major bearish trend line with resistance at $2,990.
  • The pair needs to break above the $3,080 resistance to continue its gains in the near term.

Ethereum price maintains support

Ethereum price, like Bitcoin, extended losses below the $3,000 level. Finally, an uptrend emerged near $2,940 and ETH began a recovery. A low was formed at $2,936 and the price began an upward correction.

There was a significant increase above the $2,980 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Moreover, on the hourly chart of ETH/USD, it broke a major bearish trend line with resistance at $2,990.

Ethereum is currently trading near $3,030 and the 100-hour simple moving average. Immediate resistance is near the $3,040 level and the 100-hourly simple moving average. The first major resistance is near the $3,080 level or the 50% Fib retracement level for a downside move from the $3,218 swing high to the $2,936 low.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,150, above which the price may gain traction and advance towards the $3,220 level. A clear move above the $3,220 level could push the price higher to test the $3,350 resistance. Further gains could lead Ether towards the $3,550 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,080 resistance, another decline could begin. Initial support for the downside is near the $3,000 level. The first major support is near the $2,935 area.

The next support level is near the $2,880 level. A clear break below the $2,880 support could push the price towards $2,720. More losses could push the price towards the $2,650 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $2,935

Key Resistance Level – $3,080

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