Ethereum price surpasses the top and begins a recovery wave $2,850. ETH is facing resistance near $3,000 and a new decline could begin soon.
- Ethereum has started a wave of recovery above $2,800 and $2,850.
- The price is trading above $2,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trend line forming at the $2,970 resistance level.
- If it breaks below the $2,840 zone, the pair could continue to fall.
Ethereum price faces resistance
Ethereum price managed to stay above $2,650 and started a wave of recovery similar to Bitcoin. ETH price was able to cross the $2,740 and $2,800 levels.
The bulls were able to push the price above the 50% Fib retracement level of the decline from the swing high of $3,058 to the low of $2,620. However, the bears seem to be operating below the $3,000 resistance zone. There is also an important bearish trend line forming at the $2,970 resistance on the ETH/USD hourly chart.
Ethereum price is currently trading above $2,840 and its 100-hour simple moving average. If there is another wave of recovery, the price could face resistance near the $2,950 level and the 76.4% Fib retracement level of the decline from the $3,058 high to the $2,620 low.
The next major resistance level is near the $2,970 level. The first major resistance level is near the $3,000 level. A clear break above the $3,000 resistance could push the price towards the $3,050 resistance. A break above the $3,050 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,120 resistance zone and even $3,250 in the short term.
Will you drop ETH again?
If Ethereum fails to break through the $2,950 resistance level, a fresh decline could begin. The first support on the downside is near the $2,840 level. The first major support is located near the $2,780 zone.
A clear move below the $2,780 support could push the price towards the $2,740 support. Any further losses could send the price towards the $2,650 level in the short term. The next major supports are $2,550 and $2,500.
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 zone.
Major Support Level – $2,800
High resistance level – $2,950
