Ethereum price started a recovery wave above $2.980. ETH is now consolidating and facing a key barrier near the $3,080 level.
- Ethereum started a decent upward move above the $3,000 zone.
- The price is trading above USD 2,980 and the 100-hourly Simple Moving Average.
- A rising channel is forming with support at $2,975 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 is facing major resistance
Ethereum’s price started a decent climb above $2,880, just like Bitcoin. ETH price was able to surpass the USD 2,920 and USD 2,950 resistance levels and enter a positive zone.
The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low. The price even spiked above the USD 3,050 resistance zone. However, the bears remained active around $3,080.
Ethereum price is now trading above $2,980 and the 100-hourly Simple Moving Average. A rising channel is also forming with support at $2,975 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $3,050 level. The first major resistance is near the $3,080 level and the 76.4% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low.
The next major resistance is around the $3,150 level. A clear move above the USD 3,150 resistance could send the price towards the USD 3,220 resistance. An upside break above the $3,220 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,250 or even USD 3,265 resistance zone 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 $2,980 level and the trendline. 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 2,840 support. Any further losses could send the price towards $2,800. The next major support is at $2,775.
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 – $2,915
Major resistance level – $3,080