Ethereum price started a recovery wave from the $2,800 zone. ETH is now trading near $3,000 and could target more gains if it clears $3,050.
- Ethereum managed to stay above $2,850 and started a recovery wave.
- The price is trading above USD 2,950 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,970 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,880 zone.
Ethereum price begins recovery
Ethereum’s price managed to remain stable above $2,850 and started a recovery wave, just like Bitcoin. ETH price was able to break the USD 2,900 and USD 2,920 resistance levels.
The price cleared the 61.8% Fib retracement level of the downwave from the $3,065 swing high to the $2,784 swing low. The price even surpassed the $3,000 level. A high was reached at $3,030 and the price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the swing low of $2,784 to the high of $3,030.
Ethereum price is now trading above $2,980 and the 100-hourly Simple Moving Average. Moreover, a bullish trendline is forming with support at $2,970 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,970, the price could rise again. Immediate resistance is seen around the $3,030 level. The first major resistance is near the $3,050 level. The next major resistance is around the $3,065 level.
A clear move above the USD 3,065 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 3,180 or even USD 3,200 resistance zone in the short term.
Another rejection in ETH?
If Ethereum fails to clear the USD 3,050 resistance, it could trigger another decline. The initial downside support is near the $2,970 level. The first major support is near the $2,950 zone.
A clear move below the USD 2,950 support could push the price towards the USD 2,880 support. Any further losses could send the price towards $2,825. The main support could be at USD 2,780.
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 above the 50 zone.
Major support level – $2,950
Major resistance level – $3,050