Market
Will ETH Break Above $3,200?
Ethereum price extended its increase above the $3,120 resistance zone. ETH could soon aim for a move above the $3,200 resistance.
- Ethereum is slowly moving higher above the $3,080 level.
- The price is trading above $3,080 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if there is a close above the $3,200 resistance zone.
Ethereum Price Outperforms Bitcoin
Ethereum price extended its recovery wave above the $3,050 resistance zone. ETH even climbed above the $3,150 resistance. Finally, there was a spike above the $3,200 resistance, outperforming Bitcoin.
It tested the $3,220 resistance zone. A high was formed at $3,213 and the price is now correcting gains. There was a minor decline below $3,150. The price tested the 50% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
Ethereum is now trading above $3,080 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $3,140 level. The first major resistance is near the $3,200 level. The next major hurdle is near the $3,220 level. A close above the $3,220 level might send Ether toward the $3,320 resistance.
The next key resistance is near $3,440. An upside break above the $3,440 resistance might send the price higher toward the $3,550 resistance zone in the coming days.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,140 resistance, it could start another decline. Initial support on the downside is near $3,070 and the trend line. The first major support sits near the $3,000 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
A clear move below the $3,000 support might push the price toward $2,970. Any more losses might send the price toward the $2,895 support level in the near term. The next key support sits at $2,820.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,070
Major Resistance Level – $3,200
Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.
- Ethereum started a fresh surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,950 resistance.
Ethereum Price Extends Its Increase
Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.
It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.
Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.
A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950
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BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading above $590 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $588 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.
The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.
The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.
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