By Nathan Ferguson
- Ethereum launched an upward move from the $2,950 area.
- The alt remains beneath $3,100 and the 100hour Simple Moving Average.
- 1hr chart shows a break beyond a pessimistic trend-line with resistance at $3,035.
- The pair might recover by $3,130 will likely cap further upside.
Ethereum price attempts an upside move beyond the $3K level. That alt should overcome $3,130 and the 100hour Simple Moving Average to stretch higher.
Ethereum Encounters Hurdles
Ethereum started a new leg-up after forming a base beyond the $2,950 mark. The leading alt broke the resistance of $3,000 to jump into near-term positive territory. Also, ETH climbed above the $3,020 hurdle. After that, it can clear the 23.6% Fibonacci retracement zone of the vital fall from $3,310 to the lows near $2,951. Besides, the 1hr chart shows a break past a crucial bearish trend-line with $3,035 resistance (Kraken data).
For now, Ethereum trades above $3,050. Upside movements would meet resistance at $3,085. The next massive hurdle stands at $3,130 and a 100hour Simple Moving Average. Remember, the 50% Fibonacci retracement zone of the $3,319 – $2,951 move also stayed near $3,130 value region. Meanwhile, a close beyond this hurdle and the 100hour Simple Moving Average can trigger a lucrative recovery wave.
ETH could encounter another upside hurdle at $3,170. Overcoming this zone may see the crypto climbing beyond $3,200. Such developments could see Ether exploring the $3,250 mark.
New Drops in Ethereum?
Ethereum could suffer more dips if the alt fails to kick-start a new surge past the $3,130 obstacle. Downward moves would take the second-largest crypto by value towards the initial support of $3,020. Weakness at this barrier can trigger sell-offs toward the $2,950 foothold. Ethereum enthusiasts may witness the crypto on further declines. Such scenarios can mean a move to $2,840.
Nevertheless, ETH boasts a massive correlation with Bitcoin. That means the alt’s upcoming trends would depend on BTC’s move. While publishing this content, Bitcoin traded at $39,779, losing 1.52% over the previous 24 hours. The leading crypto appears weak now, and ETH can struggle in the near term.