ETH has recovered but has yet to clear the major key resistance at $2850 to continue higher in the short-term, so let’s take a closer look at today’s Ethereum news.
ETH rallied off the $2800 level in a fresh wave of recovery, with the price consolidating above $2820 and the 100 hourly simple moving average. There was a break above the major bearish trend line with resistance near $2750 on the hourly chart of the ETH/USD pair. The pair might clear the $2850 and $1860 resistance to stay higher. Ethereum followed the new bearish path below this level, trading below the $2800 support level and the 100 hourly simple moving average.
ETH traded as low as $2719 before the bulls emerged and the price started the upward correction and climbed above $2750. The price managed to surpass this resistance and there was a clear move above the 23.6% Fib retracement after the important drop from the $2980 high to $2718 low. Also, the hourly charts also saw a break above the major bearish trend line with resistance near $2750 with the pair consolidating above $2820 and the 100 hourly simple moving average.
On the upside, initial resistance is near $2,850 and near the 50% Fib retracement level from the key decline from $2,980 high to $2,718 low with next major resistance near $2,880 and the movement about it could start another increase. The next major resistance on the upside might be $2920 and further gains might perhaps push the price higher. ETH has recovered but it still has to move higher and the key resistance above $2850 remains. Initial support on the downside is near $2800 and first major support is near $2750. There is a downside break below the $2750 support. The price could surge higher and further losses could open the doors for a bigger drop to $2650 or $2620.
The hourly MACD for the pair is losing pace in the bullish zone and the RSI for the pair is above the 50 level with the key support at $2,800.
After a long wait, the BAYC team, Yuga Labs, held its long-awaited digital land sale over the weekend, which marked a public debut for the Otherside Metaverse project and while the resulting land spree raised approximately $285 million for the company , it created some of the largest gas fees in the history of the ETH network with investors spending over $176 million on fees over the past day.
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