The price of Ethereum started a recovery wave and rose above $3,0000. ETH could continue to rise if it clears the USD 3,120 resistance.
- Ethereum started a recovery wave above USD 2,950 and USD 3,000.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,120 zone.
Ethereum price rises by more than 5%
Ethereum’s price managed to stay above $2,850 and started a recovery wave, just like Bitcoin. ETH price was able to rise above the USD 2,880 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. More importantly, the price rose above $3,000. Moreover, a major bullish trendline is forming with support at $2,880 on the hourly chart of ETH/USD.
The Ethereum price is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low.
If another upward move occurs, the price may encounter resistance near the $3,120 level. The next major resistance is near the $3,150 level. The first major resistance is around the $3,165 level. A clear move above the USD 3,165 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 3,320 or even USD 3,350 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near the $2,980 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 2,840 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 gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,980
Major resistance level – $3,150