Ethereum price started a recovery wave from the $2,940 support. If ETH clears the $3,055 and $3,080 resistance levels, it could gain bullish momentum.
- Ethereum found support near $2,940 and began a steady climb.
- The price is trading around $3,030 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken out above a major bearish trendline with resistance at $2,990.
- The price needs to break above the $3,080 resistance level for a short-term rally to continue.
Ethereum price maintains support
Ethereum's price extended its losses to below the $3,000 level, similar to Bitcoin. Finally, the bulls emerged around $2,940 and ETH began a wave of recovery. A low was formed at $2,936 and the price began an upward correction.
There was a significant rally above the $2,980 level. Price cleared the 23.6% Fib retracement level of the decline from the swing high of $3,218 to the low of $2,936. Additionally, the ETH/USD pair broke above the major bearish trendline with resistance at $2,990 on the hourly chart.
Ethereum is currently trading around $3,030 and its 100-hour simple moving average. Immediate resistance is near the $3,040 level and the 100-hour simple moving average. The first major resistance is near the $3,080 level, or the 50% fib retracement level of the decline from the swing high of $3,218 to the low of $2,936.
Source: ETHUSD on TradingView.com
The next major resistance level lies at $3,150, above which the price could gain momentum and move towards the $3,220 level. If there is a clear move above the $3,220 level, the price could rise and test the $3,350 resistance. Any further gains could send Ether heading toward the $3,550 resistance zone.
Will ETH fall again?
If Ethereum fails to break through the resistance at $3,080, further declines could begin. Initial support on the downside is near the $3,000 level. The first major support is located near the $2,935 zone.
The next support is near the $2,880 level. A clear move below the support at $2,880 could push the price towards $2,720. Any further losses could send the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,935
High resistance level – $3,080
