Ethereum price has recovered above the $2,920 resistance. ETH is tracking Bitcoin and may find it difficult to sustain further gains above the $3,050 resistance.
- Ethereum began a wave of recovery and rose to above $3,000.
- The price is trading above $2,950 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke above the major bearish trendline with resistance at $2,900.
- The pair may now struggle to clear the $3,040 and $3,050 resistance levels.
Ethereum price recovers nearly 5%
Ethereum price has stabilized above the $2,860 support zone and started a new rally. ETH rose nearly 5%, but was lower than Bitcoin. On the hourly chart of ETH/USD, the pair broke above the main bearish trend line with resistance at $2,900.
The bulls pushed the price above the $2,950 and $3,000 levels. A new weekly high was formed at his $3,039, and the price is now consolidating its gains. We tested the 23.6% Fib retracement level of the recent wave from the low of $2,860 to the high of $3,039.
Ethereum remains well above $2,950 and its 100-hour simple moving average. Immediate resistance is near the $3,040 level. The first major resistance level is near the $3,050 level.
The price could move higher if it breaks above the $3,050 resistance level. 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 rally could send Ether heading toward the $3,500 resistance zone.
Are dips supported in ETH?
If Ethereum fails to clear the $3,050 resistance level, a downside correction could begin. Initial support on the downside is near the $3,000 level. The first major support lies near the $2,950 zone, or the 50% Fib retracement level of the recent wave from the swing low of $2,860 to the high of $3,039.
The next support is near the $2,930 level. A clear move below the support at $2,930 could push the price towards $2,900. Any further losses could send the price towards the $2,860 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 – $2,950
High resistance level – $3,050
