Ethereum (ETH) Price Analysis: Recovers Strength, What’s Next? May 5, 2022

Ethereum, 2.
 Ethereum (ETH) Price Analysis: Recovers Strength, What’s Next?  May 5, 2022
READING NOW Ethereum (ETH) Price Analysis: Recovers Strength, What’s Next? May 5, 2022

Ethereum started a decent rise above the $2,920 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, ETH needs to clear $2,980 and $3,000 to continue rising in the short term.

Ethereum Starts to Rebound

Ethereum formed a bottom above the $2,760 level and started a decent uptrend. ETH climbed above the $2,900 level and the 100 hourly simple moving average and settled as high as $2,969. It is currently consolidating gains below the $2,980 resistance area and trading above the 23.6% Fib retracement level of the recent wave from the $2,756 high to $2,969 high. There is also a major bullish trend line forming with support near $2,900 on the hourly chart of ETH/USD.

Initial resistance is seen near the $2,970 level. The first major resistance is near the $2,980 level. The main breakout zone is currently near the $3,000 level. A close above the $3,000 level could set the tone for a larger rise. In this case, ETH could rise towards the $3,150 resistance.

Are Drops Limited On Ethereum?

Jindal says if Ethereum fails to gain momentum above the $2,980 resistance, it could initiate a downside correction. According to him, an initial support is near the $2,920 area. The next major support is near the $2,900 level and the trend line. If there is a downside break below the trendline support, it could test the 50% Fib retracement level of the recent wave from the $2,756 low to $2,969 high. Any further losses may require testing of the $2,850 support and the 100 hourly simple moving average.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD for ETH/USD is still showing positive signs in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is correcting from the 80 level.
  • Major Support – $2,900
  • Major Resistance – $2,980

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