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


Share:
  • 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move

Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move

Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year. 

More Bitcoin News

Cardano price rallies with surge in DEX volume and new meme coin launch

Cardano price rallies with surge in DEX volume and new meme coin launch

Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.

More Cardano News

Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges

Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges

The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.

More Shiba Inu News

XRP likely set for price rally as network activity heats up

XRP likely set for price rally as network activity heats up

XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.

More Ripple News

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.

Read full analysis

BTC

ETH

XRP