The Ethereum price started a decent upward move above $2,900. ETH is now showing positive signs and could expect more gains above $3,000.
- Ethereum started a recovery wave above the $2,920 zone.
- The price is trading above USD 2,950 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,000 zone.
Ethereum price expects more gains
Ethereum price managed to stay above the $2,880 pivot level and started a recovery wave, just like Bitcoin. ETH price climbed above the USD 2,920 resistance to enter a positive zone.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $3,075 swing high to the $2,888 low. Moreover, a bullish trendline is forming with support at $2,930 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $2,950, the price could continue to rise.
Immediate resistance is seen near the $3,000 level and the 61.8% Fib retracement level of the downward move from the $3,075 swing high to the $2,888 low. The first major resistance is near the $3,030 level. The next major resistance is around the $3,050 level. A clear move above the USD 3,050 resistance could send the price towards the USD 3,120 resistance. An upside break above the $3,120 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,200 or even USD 3,220 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,000 resistance, it could trigger another decline. The initial downside support is near the $2,950 level.
The first major support is near the $2,920 zone. A clear move below the USD 2,920 support could push the price towards the USD 2,880 support. Any further losses could send the price towards $2,800. The next major support is at $2,720.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,950
Major resistance level – $3,000