ethereum price is attempting a recovery wave from the $2,865 support. eth could start a new rise if it breaks the $2,960 resistance zone.
- ethereum remained stable and attempted a recovery wave above $2,900.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance at $2,930 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a major rise if it closes above the $2,990 and $3,000 resistance levels.
ethereum Price Holds Support
ethereum price traded as low as $2,864 and recently started an upward correction, like bitcoin. eth was able to overcome the $2,900 and $2,920 resistance levels. Additionally, there was a break above a major downtrend line with resistance at $2,930 on the hourly chart of eth/USD.
The price even shot up above $2,980 and tested $3,000. A high was formed at $2,992 and the price is now correcting the gains. There was a minor move below the $2,960 level. The price fell below the 23.6% Fibonacci retracement level of the recent rise from the low of $2,864 to the high of $2,992.
ethereum is now trading below $2,950 and the 100 hourly simple moving average. The immediate resistance is near the $2,950 level and another downtrend line connecting it on the same chart. If the bulls push the price and repeat the recent breakout, the price could start another rise.
The first major resistance is near the $3,000 level. The next key resistance lies at $3,050, above which the price could gain traction and rise towards the $3,120 level.
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Fountain: ETHUSD on TradingView.com
If there is a clear move above the $3,150 level, the price could rise and test the resistance of $3,220. Any further gains could send Ether towards the $3,250 resistance zone.
Another failure on eth?
If ethereum fails to overcome the $2,950 resistance, it could start another decline. Initial support on the downside is near the $2.2930 level and the 50% Fibonacci retracement level of the recent rise from the low of $2.864 to the high of $2.992.
The first major support is near the $2,900 zone. The next support is near the $2,865 level. A clear move below the $2,865 support could push the price towards $2,740. Any further losses could send the price towards the $2,650 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,865
Main Resistance Level: $2,950
