Ethereum price is on track to $3,000 following crucial rebound


  • ETH/USD picks up bids following the pullback from record top.
  • RSI also returns to normal conditions, joins MACD to favor bulls.
  • 100-bar SMA, two-week-old rising trend line offer key support.

Ethereum bulls shrug off the previous day’s consolidation from the record top while regaining the upside momentum around $1,620 during early Friday.

In doing so, the ETH/USD quote bounces off the previous resistance stretched from January 10.

Other than the latest recovery moves, RSI’s return from the overbought conditions, as well as bullish MACD, also favor the continuation of the current upside.

However, an immediate falling trend line portraying the lower high formation on the four-hour (4H) pattern, around $1,670, challenges the bulls targeting to refresh the record top of $1,699.

It should be noted that the Ethereum buyers are well directed to the $3,000 level but the $2,000 threshold can offer an intermediate halt during the rally.

Meanwhile, a downside break of the stated support line, at $1,590 now, will not hesitate to conquer the $1,500 round-figure while directing short-term sellers toward January’s top near $1,480.

Though, any further weakness below $1,480 will be challenged by a confluence of 100-bar SMA and an ascending support line from January 22, currently around $1,350.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 1612.51
Today Daily Change 14.96
Today Daily Change % 0.94%
Today daily open 1597.55
 
Trends
Daily SMA20 1346.26
Daily SMA50 1067.14
Daily SMA100 788.87
Daily SMA200 580.31
 
Levels
Previous Daily High 1699
Previous Daily Low 1556
Previous Weekly High 1477.3
Previous Weekly Low 1206.05
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1610.63
Daily Fibonacci 61.8% 1644.37
Daily Pivot Point S1 1536.03
Daily Pivot Point S2 1474.52
Daily Pivot Point S3 1393.03
Daily Pivot Point R1 1679.03
Daily Pivot Point R2 1760.52
Daily Pivot Point R3 1822.03

 

 

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