Ethereum price is attempting to recover from the $2,865 support level. If ETH breaks out of the $2,960 resistance area, it could start a new surge.
- Ethereum remained stable and attempted a recovery above $2,900.
- The price is trading below $2,950 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), it has broken a major bearish trend line with resistance at $2,930.
- If the price closes above the $2,990 and $3,000 resistance levels, the pair could begin a major rally.
Ethereum price maintains support
Ethereum price traded as low as $2,864 and recently began an upward correction like Bitcoin. ETH was able to rise above the $2,900 and $2,920 resistance levels. Moreover, on the hourly chart of ETH/USD, it broke the key bearish trend line with resistance at $2,930.
The price surged above $2,980 and tested $3,000. A high was formed at $2,992 and the price is currently correcting to the upside. There was slight movement below the $2,960 level. The price recently fell below the 23.6% Fib retracement level from the $2,864 swing low to the $2,992 high.
Ethereum is currently trading below $2,950 and the 100-hour simple moving average. Immediate resistance is near the $2,950 level and connecting another bearish trend line on the same chart. If the bulls push the price higher and repeat the recent breakout, the price could begin another rally.
The first major resistance is near the $3,000 level. The next major resistance level is $3,050, above which the price may gain traction towards the $3,120 level.
Source: ETHUSD on TradingView.com
A clear move above the $3,150 level could push the price higher to test the $3,220 resistance. Further gains could push Ether towards the $3,250 resistance zone.
Another failure for ETH?
If Ethereum fails to clear the $2,950 resistance, it could begin another downtrend. Initial support on the downside is near the $2,2930 level and the 50% Fib retracement level of the recent increase from the $2,864 swing low to the $2,992 high.
The first major support is near the $2,900 area. The next support level is near the $2,865 level. A clear break below the $2,865 support could push the price towards $2,740. More losses could push the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,865
Key Resistance Level – $2,950