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

Today last price 1612.51
Today Daily Change 14.96
Today Daily Change % 0.94%
Today daily open 1597.55
Daily SMA20 1346.26
Daily SMA50 1067.14
Daily SMA100 788.87
Daily SMA200 580.31
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

AVAX price edges closer to 40% breakout as Avalanche allocates $3 million to Stake DAO

AVAX price is teetering below the upper trend line of a parallel channel, hinting at a breakout. A decisive close above $61.09 will confirm the start of an uptrend to $75.32. Avalanche Foundation is allocating $3 million as incentives across all Stake DAO Avalanche strategies.

More Avax news

Bitcoin investment inflows soar as analysts predict another BTC ETF launch later this week

The first Bitcoin ETF is ready for its debut on the NYSE on October 19, marking a significant milestone in the crypto industry. A Bloomberg analyst suggests that another Bitcoin ETF could begin trading later this week ...

More Bitcoin news

Litecoin Price Prediction: LTC on the cusp of 26% breakout

Litecoin price is on the penultimate leg of a technical formation that will catalyze a quick bull rally. LTC needs to clear one critical hurdle to kick-start a run-up to levels last seen more than a month ago. A breakdown of $165.28 will create a lower low, invalidating the bullish thesis.

More Litecoin news

US Treasury highlights crypto as threat that could harm efficacy of sanctions

The US Treasury Department has issued a review of sanctions for 2021, expressing some concerns that could undermine its strength and trust. ryptocurrencies were viewed as a threat as its adoption continually increases. The department stressed the need for better communication and ...

More Shiba Inu news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast