Ethereum price has started a decent uptrend above $2,900. ETH is currently showing positive signs and can be expected to rise further above $3,000.
- Ethereum began its recovery above the $2,920 area.
- The price is trading above $2,950 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bullish trendline forming with support at $2,930.
- Once it breaks above the $3,000 area, the pair may continue to rise.
Ethereum price gains more.
Ethereum price held above the $2,880 pivot level and began a Bitcoin-like recovery. ETH price crossed the $2,920 resistance line and entered positive territory.
Bulls could push the price above the 50% Fib retracement level for a downward move from the $3,075 swing high to the $2,888 low. Additionally, there is a bullish trend line supporting $2,930 on the hourly chart of ETH/USD.
Ethereum price is currently trading above $2,950 and the 100-hour simple moving average. If the bulls can protect more losses below $2,950, the price could continue to rise.
Immediate resistance appears near the $3,000 level and the 61.8% Fib retracement level of the downward move from the $3,075 swing high to the $2,888 low. The first major resistance is near the $3,030 level. The next major resistance is near the $3,050 level. A clear break above the $3,050 resistance level could push the price towards the $3,120 resistance level. An uptick above the $3,120 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $3,200 resistance zone or $3,220 in the near term.
Another decline in ETH?
If Ethereum fails to clear $3,000 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,950 level.
The first major support is near the $2,920 area. A clear decline below the $2,920 support could push the price towards the $2,880 support. Any more losses could push the price towards the $2,800 region. The next major support level is $2,720.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $2,950
Key Resistance Level – $3,000