ethereum price recovered above the $2,920 resistance. eth is behind bitcoin and could struggle to continue above the $3,050 resistance.
- ethereum started a recovery wave and even surpassed $3,000.
- The price is trading above $2,950 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of eth/USD (data via Kraken).
- The pair might now struggle to break above the $3,040 and $3,050 resistance levels.
ethereum price recovers almost 5%
ethereum price remained stable above the $2,860 support zone and started a new rise. eth gained almost 5% but less than bitcoin. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of eth/USD.
The bulls lifted the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fibonacci retracement level of the recent wave from the low of $2,860 to the high of $3,039.
ethereum is still well above $2,950 and the 100 hourly simple moving average. The immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.
A bullish break above the $3,050 resistance could send the price higher. The next key resistance lies at $3,150, above which the price could gain traction and rise towards the $3,220 level. If there is a clear move above the $3,220 level, the price could rise and test the resistance at $3,350. Any further gains could send Ether towards the $3,500 resistance zone.
Are drops in eth supported?
If ethereum fails to overcome the $3,050 resistance, it could start a downward correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fibonacci retracement level of the recent wave from the low of $2,860 to the high of $3,039.
The next support is near the $2,930 level. A clear move below the $2,930 support could push the price towards $2,900. Any further losses could send the price towards the $2,860 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: $2,950
Main Resistance Level: $3,050
