Ethereum price began a slight recovery in the $2,865 region. ETH is currently consolidating losses and could aim for recovery once it clears $3,050.
- Ethereum began its consolidation phase below $3,050.
- The price is trading below $3,040 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above the contracting triangle with resistance at $2,950.
- If it stays above the $2,900 area, the pair could start a fresh increase.
Ethereum price target recovery
The price of Ethereum was unable to remain stable above $3,050 like Bitcoin, and losses expanded. The price of ETH fell below $3,000 and $2,920 and entered the bearish zone.
The decline even pushed the price below $2,880. The price finally tested $2,865 and is currently consolidating losses. There was some upside above the 23.6% Fib retracement level of the downward wave from the $3,365 swing high to the $2,865 swing low.
Moreover, on the hourly chart of ETH/USD, there was a break above the resistance level of $2,950 and the contraction triangle. Ethereum price is currently trading below $3,040 and the 100-hour simple moving average. If bulls can prevent further losses below $2,900, the price could attempt another rally.
Immediate resistance appears near the $3,050 level. The first major resistance is near the $3,110 level or the 50% Fib retracement level of the downward wave from the $3,365 swing high to the $2,865 swing low. The next major resistance is near the $3,175 level. A clear break above the $3,175 resistance level could push the price towards the $3,220 resistance level.
A rally above the $3,220 area may require further upside in the coming days. If indicated, Ethereum could rise to the $3,280 resistance zone or $3,300 in the near term.
ETH falling again?
If Ethereum fails to clear the $3,050 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,910 level. The first major support is near the $2,880 area.
A clear decline below the $2,880 support could push the price towards the $2,865 support. Any more losses could push the price towards the $2,820 region. The main assistance amount could be $2,750.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $2,880
Key Resistance Level – $3,050