Ethereum price started a recovery wave from the $2,800 zone. $ETH is currently trading around $3,000, and could aim for further profits if it breaks above $3,050.
- Ethereum managed to sustain above $2,850 and a wave of recovery began.
- The price is trading above $2,950 and the 100-hour simple moving average.
- On the hourly chart of , a bullish trend line is forming with support at $2,970. $ETH/USD (data feed via Kraken).
- A break above the $2,880 zone could start a new rally.
Ethereum price begins to recover
Ethereum price managed to remain stable above $2,850, and similar to Bitcoin, a wave of recovery began. $ETH The price was able to clear the $2,900 and $2,920 resistance levels.
Price cleared the 61.8% Fib retracement level of the downwave from the swing high of $3,065 to the swing low of $2,784. The price also exceeded $3,000. A high was formed at $3,030, and the price is currently consolidating gains above the 23.6% Fib retracement level of the recent rally from the swing low of $2,784 to the high of $3,030.
Ethereum price is currently trading above $2,980 and its 100-hour simple moving average. Additionally, a bullish trend line has formed with support at $2,970 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $2,970, the price may try to move higher. Immediate resistance is seen near $3,030. The first major resistance level is near the $3,050 level. The next major resistance level is near the $3,065 level.
A clear break above the $3,065 resistance could send the price heading towards the $3,120 resistance. A break above the $3,120 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,180 resistance zone and even $3,200 in the short term.
another rejection $ETH?
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 $2,970 level. The first major support is located near the $2,950 zone.
A clear move below the $2,950 support could push the price towards the $2,880 support. Any further losses could send the price towards the $2,825 area. The main support could be at $2,780.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,950
High resistance level – $3,050
