Ethereum Price Recovery and Resistance Levels
Ethereum Price Shows Signs of Recovery, Bulls Eyeing Key Resistance Levels
The price of Ethereum has started a recovery wave from the $2,940 support level, indicating a potential bullish momentum if key resistance levels are cleared. Here are the latest updates on Ethereum’s price movement:
- Ethereum found support near $2,940 and began a steady increase.
- The price is currently trading near $3,030 and the 100-hourly Simple Moving Average.
- A major bearish trend line with resistance at $2,990 was broken on the hourly chart of ETH/USD.
- To continue higher in the near term, the pair must surpass the $3,080 resistance level.
Ethereum Price Holds Support
After experiencing losses below the $3,000 level, Ethereum saw a rebound near the $2,940 support level. The price started an upside correction after forming a low at $2,936.
Following a decent increase above the $2,980 level, Ethereum cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Additionally, a major bearish trend line with resistance at $2,990 was broken on the hourly chart of ETH/USD.
Currently, Ethereum is trading near $3,030 and the 100-hourly Simple Moving Average. The immediate resistance lies near the $3,040 level and the 100-hourly SMA. The first major resistance is at $3,080 or the 50% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low.
Image Source: ETHUSD on TradingView.com
The next key resistance levels to watch for are $3,150 and $3,220, with a potential rise towards the $3,350 resistance if the $3,220 level is breached. Further gains could lead Ethereum towards the $3,550 resistance zone.
Potential Decline in ETH?
If Ethereum fails to clear the $3,080 resistance level, it may face another decline. Initial support is at $3,000, followed by major support near the $2,935 zone. Further support levels include $2,880 and $2,720, with a potential drop towards $2,650 in the near term if losses continue.
Technical Indicators:
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Major Support Level: $2,935
Major Resistance Level: $3,080
Overall, Ethereum’s price movement indicates a potential for bullish momentum if key resistance levels are cleared, while a failure to do so could lead to another decline in the near term.
