Ethereum price started a recovery wave and rose above $3.000. ETH could continue to rise if it clears the USD 3,080 resistance.
- Ethereum started a recovery wave above USD 2,980 and USD 3,000.
- The price is trading above USD 2,960 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,080 zone.
Ethereum price expects more gains
Ethereum’s price managed to stay above $2,880 and started a recovery wave, just like Bitcoin. ETH price was able to rise above the USD 2,920 and USD 2,950 levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low. The bulls even pumped the price above USD 3,000, but they struggled to reach the USD 3,080 zone.
The price failed to break above the 76.4% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low. Ethereum price is now trading above $2,960 and the 100-hourly Simple Moving Average. Moreover, a major bullish trendline is forming with support at $2,950 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $3,050 level. The next major resistance is near the $3,080 level. The first major resistance is around the $3,120 level. A clear move above the USD 3,120 resistance could send the price towards the USD 3,165 resistance. An upside break above the $3,165 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,220 or even $3,250 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,080 resistance, it could trigger another decline. The initial downside support is near the $2,950 level. The first major support is near the $2,880 zone.
A clear move below the USD 2,880 support could push the price towards the USD 2,840 support. Any further losses could send the price towards $2,800 in the short term. The next major support is at USD 2,750 and USD 2,740.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,950
Major resistance level – $3,080