ETH: Will It Rise or Just Sigh?

Good heavens, what a to-do over a few digital tokens! It appears the Ethereum, that most modern of currencies, embarked on a spot of a recovery, a minor one mind you, from the decidedly unglamorous depths of $2,865. Now it’s dawdling about, trying to decide if it has the energy for a proper bounce – provided, of course, it can breach the frankly rather intimidating wall of $3,050. Otherwise, it all rather fades into the mists of digital obscurity, doesn’t it?

The Ethereum’s currently having a bit of a sit-down below $3,050, rather like a tired aunt at a garden party.
It’s lingering below $3,040 and some complex calculation involving a ‘Simple Moving Average’ – sounds exhausting, frankly.
There was a daring breakout above a “contracting triangle” (one pictures charts doing yoga), with resistance at $2,950. Most impressive, but will it last?
If it manages to stay above $2,900, it might try for another rally. A ‘might’, mind you. Don’t start redecorating just yet.

Ethereum Price Aims Recovery (Or Perhaps Just a Nap)

The Ethereum, alas, couldn’t quite maintain a good show above $3,050 and promptly succumbed to a bit of a wobble, taking its cue from Bitcoin, naturally. It slipped below $3,000 and then, as if embarrassed, below $2,920, landing it squarely in the “bearish zone” – a rather unpleasant locale, I understand.

The bears (nasty chaps, bears) even shoved it down to $2,880 before it paused to catch its breath at $2,865. There was a glimmer of hope – a minor climb above something called a ‘Fib retracement level’ (sounds frightfully mathematical). And, as mentioned, that daring escape from the contracting triangle. However, considering current form, one holds one’s breath cautiously.

Currently, the price is loitering below $3,040 and aforementioned “Simple Moving Average”. If the bulls – and bless their optimistic souls – can prevent further descent below $2,900, there might be another attempt to climb. One shouldn’t, however, hold one’s hat. Immediate resistance awaits at that $3,050 mark, a veritable brick wall of financial expectation.

Beyond that, more resistance is predicted at $3,110 and then $3,175. Should the Ethereum actually break through $3,175, well, one might start to consider a celebratory glass of something restorative. Though, one shouldn’t be hasty. A further advance could take it to $3,220…or even – brace yourselves – $3,300!

Should it achieve this, more gains might materialise, but one feels it’s best not to borrow against next year’s income just yet.

Another Drop In ETH? Oh, Dear!

But should the Ethereum fail to scale this metaphorical peak of $3,050, a fresh decline is distinctly possible. Support is expected near $2,910 and then $2,880. Fall below $2,880 and it’s down to $2,865. Further misfortune might see it plummet to $2,820… and ultimately, one shudders to think, $2,750.

Technical Indicators, mumbo jumbo as far as I’m concerned.

Hourly MACD – Apparently losing momentum in the “bearish zone.” Dreadful!

Hourly RSI – Is now above 50. Slightly more cheerful, but hardly cause for a street party.