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ETH Recovered But It Has To Clear A Major Key Resistance: Analysis

ETH recovered but it still has to clear major key resistance at $2850 to continue higher in the near term so let’s have a closer look at today’s latest Ethereum news.

ETH recovered after the $2800 level in a new recovery wave with the price consolidating above $2820 and the 100 hourly simple moving average. There was a break above the major bearish trend line with the resistance close to $2750 on the hourly chart of the ETH/USD pair. The pair could clear the $2850 and the $1860 resistance to continue higher. Ethereum followed the new bearish path below this level and traded below the $2800 support level and the 100 hourly simple moving average.

eth day
ETH 24-hour Price Chart (Source: coingecko)

ETH traded as low as $2719 before the bulls appeared and the price started the upside correction and climbed above the $2750 the price was able to surpass this resistance and there was a clear move above the 23.6% Fib Retracement from the key decline of the $2980 high to $2718 low. Besides, there was also a break above the major bearish trend line with the resistance near $2750 on the hourly charts with the pair consolidating above the $2820 and the 100 hourly simple moving average.

On the upside, the initial resistance is near the $2850 level and it is near the 50% fib retracement level from the key decline of $2980 high to $2718 low with the next major resistance is near the $2880 level and the move above it could start another increase. The next major resistance on the upside could be set at $2920 and more gains could perhaps send the price higher. ETH recovered but it still has to move higher and remain the key resistnace above $2850. The initial support on the downside is near the $2800 level and the first major support is close to the $2750 level there’s a downside break below the $2750 support the price could move higher with more losses could open the doors for the bigger decline to the $2650 level or $2620.

The hourly MACD for the pair is losing pace in the bullish zone and the RSI for the pair is above the 50 levels with the major support being set at $2800.

ETH weekly
ETH 7-day Price Chart (Source: coingecko)

After a lot of waiting, the BAYC Team, Yuga Labs held its long-awaited digital land sale over the weekend which was a public debut for the Otherside metaverse proejct and while the resulting land rush generated about $285 million for the company, it created some of the biggest gas fees in the history of the ETH network with investors spending over $176 million on fees in the past day.

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Author: Stefan