Ethereum price started a small recovery wave from the $2,865 zone. Ethereum is currently cutting its losses and could aim for a recovery if it breaks above $3,050.
- Ethereum has started a consolidation phase below $3,050.
- The price is trading below the 100-hour simple moving average at $3,040.
- On the hourly chart, there was a break above the contracting triangle with resistance at $2,950. Ethereum/USD (data feed via Kraken).
- If the price sustains above the $2,900 zone, a new rally could begin.
Aiming for Ethereum price recovery
Ethereum’s price failed to maintain stability above $3,050, and losses widened, similar to Bitcoin. Ethereum The price entered the bearish zone below $3,000 and $2,920.
The bears pushed the price below $2,880. The price finally tested $2,865 and is currently consolidating losses. There was a slight upside above the 23.6% Fib retracement level of the downwave from the swing high of $3,365 to the swing low of $2,865.
Additionally, there was a break above the contraction triangle with resistance at $2,950 on the hourly chart. Ethereum/USD. Ethereum price is currently trading below $3,040 and its 100 hourly simple moving average. If the bulls can prevent further losses below $2,900, the price could try to move higher.
Immediate resistance is seen near the $3,050 level. The first major resistance is near the $3,110 level, or the 50% fibritracement level of the downwave from the $3,365 swing high to the $2,865 swing low. The next major resistance level is near the $3,175 level. A clear break above the $3,175 resistance could send the price heading towards the $3,220 resistance.
A break above the $3,220 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,280 resistance zone and even $3,300 in the short term.
another drop in Ethereum?
If Ethereum fails to break through the resistance at $3,050, a fresh decline could begin. The first support on the downside is near the $2,910 level. The first major support is located near the $2,880 zone.
A clear move below the $2,880 support could push the price towards the $2,865 support. Any further losses could send the price towards the $2,820 area. The main support could be at $2,750.
technical indicators
Hourly MACD – MACD of Ethereum/USD is losing momentum in the bearish zone.
hourly RSI – RSI Ethereum/USD is currently above the 50 zone.
Major Support Level – $2,880
High resistance level – $3,050
