Ethereum price started a recovery wave above $2,880. ETH could gain bullish momentum if it manages to settle above the USD 3,000 resistance.
- Ethereum started a recovery wave above USD 2,850 and USD 2,880.
- The price is trading above $2,900 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,950 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 eyes upside breakout
Ethereum’s price managed to stay above $2,750 and started a recovery wave, just like Bitcoin. ETH price was able to rise above the USD 2,800 and USD 2,850 levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3,058 swing high to the $2,620 low. Additionally, there was a break above a key bearish trendline with resistance at $2,950 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,840 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $3,058 swing high to the $2,620 low.
If another recovery wave comes, the price may encounter resistance near the USD 2,980 level. The next major resistance is near the $3,000 level. The first major resistance is around the $3,060 level. A clear move above the USD 3,060 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 3,000 resistance, it could trigger another decline. The initial downside support is near the $2,920 level. The first major support is near the $2,880 zone.
A clear move below the USD 2,880 support could push the price towards the USD 2,800 support. Any further losses could send the price towards the $2,740 region in the near term. The next major support is at USD 2,650 and USD 2,620.
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 – $2,880
Major resistance level – $3,000