The Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the USD 3,110 resistance.
- Ethereum is slowly rising above the $3,000 level.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a short-term descending channel or a bullish flag forming with resistance around $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above the $3,110 resistance.
Ethereum Price Eyes Steady Recovery
Ethereum price held steady above the USD 2,880 support zone. ETH started quite an upward move and, like Bitcoin, climbed above the USD 2,950 resistance. The price even managed to overcome the USD 3,050 resistance before the bears emerged.
The pair tested the USD 3,120 resistance zone. A high was reached at $3,110 and the price is now consolidating gains. There was a small decline below $3,080. The price fell below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.
Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $3,080 level. There is also a short-term descending channel or a bullish flag forming with resistance around $3,080 on the hourly chart of ETH/USD.
The first major resistance is around the $3,110 level. The next major hurdle is near the USD 3,150 level. A close above the $3,150 level could send Ether towards the $3,220 resistance. The next major resistance is near USD 3,320. An upside break above the USD 3,320 resistance could send the price higher towards the USD 3,500 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,110 resistance, it could trigger another decline. The initial downside support is near $3,020. The first major support is near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.
A clear move below the USD 2,975 support could push the price towards USD 2,920. Any further losses could send the price towards the USD 2,820 level in the near term.
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 – $2,975
Major resistance level – $3,110