Ethereum price started a recovery wave above $2.950. ETH is now consolidating and could attempt another recovery wave soon if it clears $3,050.
- Ethereum started a decent upward move above the $2,950 zone.
- The price is trading above USD 2,950 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trendline with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,050 zone.
Ethereum price expects more gains
The price of Ethereum started a significant increase from $2,775, just like Bitcoin. ETH price was able to surpass the USD 2,850 and USD 2,880 resistance levels and enter a positive zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low. Additionally, there was a break above a bearish trendline with resistance at $2,920 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If another upside move comes, the price could face resistance near the $3,020 level and the 61.8% Fib retracement level of the downside move from the $3,175 swing high to the $2,775 low.
The next major resistance is near the $3,050 level. The first major resistance is around the $3,080 level. A clear move above the USD 3,080 resistance could send the price towards the USD 3,150 resistance. An upside break above the $3,150 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 3,050 resistance, it could trigger another decline. The initial downside support is near the $2,950 level. The first major support is near the $2,915 zone.
A clear move below the USD 2,915 support could push the price towards the USD 2,880 support. Any further losses could send the price towards $2,840. The next major support is at $2,800.
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 – $2,915
Major resistance level – $3,050