🔥🔥🔥 #Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish

Ethereum is aiming for a breakthrough above the $2,900 mark, with a need to establish firm support beyond $2,900 and $2,940 to sustain upward momentum in the short term.

Currently, Ethereum is consolidating above the $2,860 support region after encountering resistance near $3,000, following a pattern similar to Bitcoin's recent movement. Despite dipping below $2,900, bullish activity has been evident near the $2,860 mark, resulting in a period of stabilization.

However, Ethereum is presently trading below $2,950 and the 100-hourly Simple Moving Average, indicating some bearish pressure. Immediate resistance is evident around the $2,900 level, accompanied by the formation of a significant bearish trend line with a hurdle at $2,905 on the hourly chart of ETH/USD. This trend line closely aligns with the 23.6% Fibonacci retracement level of the recent decline from the $2,992 swing high to the $2,860 low.

A breakout above this trend line could push Ethereum towards $2,925 and the 100-hourly Simple Moving Average. Resistance at $2,940, the 61.8% Fibonacci retracement level, may follow. Surpassing these levels could reignite bullish momentum towards $3,000 and $3,050, then potentially aiming for $3,150.

Conversely, failure to surpass the $2,925 resistance might trigger another downward move. Initial support is expected around $2,880, followed by the crucial $2,860 zone. Further downside pressure could lead to a test of the $2,810 support level, with potential further losses towards $2,740 and $2,650.

Looking at technical indicators, the hourly MACD for ETH/USD suggests a loss of bearish momentum, while the hourly RSI is currently below the 50 level.

In summary, Ethereum's price action indicates a pivotal phase, with a clear move above $2,900 crucial for further upside momentum, while failure to hold support levels could lead to additional downside pressure.

Source - newsbtc.com

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