Ethereum price has started a recovery wave above the $3,000 zone. ETH is currently above the 100 hourly simple moving average and facing a hurdle.
- Ethereum found support at $2,820 and began a wave of recovery.
- The price is trading above $3,100 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support at $3,110.
- The pair could gain bullish momentum if it breaks out of the $3,165 resistance zone.
Ethereum price maintains its ground
Ethereum price remained stable and, similar to Bitcoin, started a wave of recovery above the $3,000 level. ETH was able to clear the $3,050 and $3,120 resistance levels.
However, the bears remained active near the $3,165 resistance zone. A high was formed at $3,168 and the price started a downward correction. There was a small move below the $3,150 level. Price is currently stabilizing above the 23.6% Fib retracement level rising from the swing low of $2,813 to the high of $3,168.
Ethereum is also above $3,100 and its 100-hour simple moving average. Furthermore, on the hourly chart of ETH/USD, an important bullish trendline has formed with support at $3,110.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $3,165 level. The first major resistance level is near the $3,200 level. The next major resistance lies at $3,250, above which the price could gain momentum and move towards the $3,350 level. If the bulls continue their action and push the price above $3,350, it could head towards the $3,500 resistance. Any further gains could send Ether heading toward the $3,620 resistance zone.
Will ETH fall again?
If Ethereum fails to break through the $3,165 resistance level, further declines could begin. Initial support on the downside is near the $3,100 level and trend line. The first major support is located near the $3,000 zone, or the 50% fibritracement level of the swing low of $2,813 to the high of $3,168.
The main support is around the $2,940 level. A clear move below the support at $2,940 could push the price towards $2,820. Any further losses could send the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,165
