ethereum price started a recovery wave above the $3,000 zone. eth is now above the 100 hourly simple moving average and facing hurdles.
- ethereum found support at $2,820 and began a recovery wave.
- The price is trading above $3,100 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,110 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $3,165 resistance zone.
ethereum price remains firm
ethereum price remained stable and began a recovery wave above the $3,000 level, like bitcoin. eth was able to overcome the $3,050 and $3,120 resistance levels.
However, the bears were active near the $3,165 resistance zone. A high was formed at $3,168 and the price started a downward correction. There was a minor move below the $3,150 level. The price is now stable above the 23.6% Fibonacci retracement level of the upward move from the low of $2,813 to the high of $3,168.
ethereum is also above $3,100 and the 100 hourly simple moving average. Additionally, a key bullish trend line is forming with support at $3,110 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
The immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next key resistance lies at $3,250, above which the price could gain traction and rise towards the $3,350 level. If the bulls remain in action and push the price above $3,350, there could be a trend towards the $3,500 resistance. Any further gains could send Ether towards the $3,620 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $3,165 resistance, it could start another decline. Initial support on the downside is near the $3,100 level and the trend line. The first major support is near the $3,000 zone or the 50% Fibonacci retracement level of the upward move from the low of $2,813 to the high of $3,168.
The main support is near the $2,940 level. A clear move below the $2,940 support could push the price towards $2,820. 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3000
Main Resistance Level: $3,165
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