ETH Price Analysis: ETH Blasts to $3000 But Major Resistance Is Approaching
Ethereum has shown its strength the last week as it rocketed from a low of $2141 to $3000. ETH is known as the powerhouse for DeFi and the price is finally showing who is boss. Ethereum has severely outperformed BTC the last weeks rising nearly 75% against BTC the last month. This rally may soon be coming to a halt as price has reached major resistance levels.
ETH has been riding within a large broadening wedge for all of 2021 (Bold black lines). Within this wedge, ETH price has created an ascending channel which has been respected for the last 2 months. The price is now approaching both top trends as it nears $3000. These top trends have rejected the price each time ETH reaches it. This time should be no different. Minor support to watch as a retracement target is $2800.
ETH Price Analysis: ETH/USDT 1 Day Chart
ETH has now doubled its previous high of $1500 in 2018. If ETH manages to break and hold the major resistance of $3000, this uptrend may continue for longer but this is unlikely. If bears manage to take control, $2800 is a minor support but it isn’t a well respected area just yet. In the case that ETH cannot hold $2800 , the next support is around the $2500 price level.
While looking at the RSI, we can conclude the strength is now in overbought levels. This tells us ETH is in parabolic mode but soon will see retracement below 70. The Stochastic RSI tells a similar story as it is also riding in overbought levels. Strength is maxed out on both indicators and a retracement Is soon to come.
ETH intraday levels
- Spot rate: $2995
- Trend: Bullish
- Volatility: High
- Support: $2800
- Resistance: $3000
The post ETH Price Analysis: ETH Blasts to $3000 But Major Resistance Is Approaching appeared first on Coingape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- (Recommended For Altcoin Leverage) FTX Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here