HomeEthereumEthereum Price Poised for Rise Above $3,080 Unless Resistance Holds

Ethereum Price Poised for Rise Above $3,080 Unless Resistance Holds

-


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.

LATEST POSTS

Advancing Federal Regulation of Blockchain and Cryptocurrency: A Focus on Sullivan & Worcester’s Initiatives

Key Points of FIT21 Legislation and Potential Impact The U.S. House of Representatives made history on May 22, 2024, by passing H.R. 4763, also known...

Is this a signal of Bitcoin hitting bottom? German government depletes BTC supply

German Government Running Out of Bitcoin to Sell, Potential Reaccumulation Phase Beginning The German government is nearly done selling Bitcoin, with only 3,856 BTC left...

Could a Trump presidency improve the sentiment problem in the crypto industry?

The Trump Trade: How a Potential Trump Presidency Could Impact Crypto Markets The race for the presidency is heating up, and it seems that former...

Justin Sun, Tron Founder, Invests $5 Million in ETH

Tron Founder Justin Sun Invests $5 Million in Ethereum (ETH) Tron Founder Justin Sun Invests $5 Million in Ethereum Amid Spot ETF FOMO Justin Sun, the...

Most Popular