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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price to pull a 180 as Ripple bulls come out of the woodwork

XRP price lacks volatility as it trades close to a crucial support level. While a major reason for this is its correlation with Bitcoin, a part of it also arises from the lack of interest among the investors for this coin. There is a good chance Ripple could see a brief uptrend that pushes it toward the immediate resistance barrier.

More Ripple News

MATIC price gives bulls another opportunity to undo recent losses

MATIC price has seen an increase in selling pressure that has undone most of its gains from the last week. The retracement has knocked Polygon down to a stable barrier that is likely to sustain the incoming bearish momentum, allowing bulls to make a comeback.

More Polygon News

Crypto.com upside limited to $0.54 as CRO faces multiple hurdles

A brief technical and on-chain analysis on Crypto.com price. Here, FXStreet's analysts evaluate where CRO could be heading next.

More Crypto.com News

Google prepares for a foray into crypto, plans to expand payment division

Google is planning to enter into the cryptocurrency space as the firm has hired a former PayPal executive to lead its payment division. The multinational technology company is laying out a broader strategy to team up with a wider range of financial services including digital assets.

More Cryptocurrencies news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP