Ethereum price has begun a recovery above the $3,000 area. ETH has now surpassed the 100-hour simple moving average and faces a hurdle.
- Ethereum found support at $2,820 and began a recovery.
- The price is trading above $3,100 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,110.
- A break above the $3,165 resistance area could provide bullish momentum.
Ethereum price is holding steady
Ethereum price remained stable and, like Bitcoin, began a recovery above the $3,000 level. ETH was able to clear the $3,050 and $3,120 resistance levels.
However, the bears remained active near the $3,165 resistance zone. A high was formed at $3,168 and the price began a downward correction. There was slight movement below the $3,150 level. The price is currently stable above the 23.6% Fib retracement level, rising from the $2,813 swing low to the $3,168 high.
Ethereum also rose above $3,100 and the 100-hour simple moving average. Moreover, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,110.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next major resistance level is $3,250, above which the price may gain traction and advance towards the $3,350 level. If the bulls continue to push the price above $3,350, a decline could occur towards the $3,500 resistance. Further gains could lead Ether towards the $3,620 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $3,165 resistance, another decline could begin. Initial support for the downside is near the $3,100 level and trend line. The first major support is near the $3,000 area or the 50% Fib retracement level of the rise from the $2,813 swing low to the $3,168 high.
Key support is near the $2,940 level. A clear break below the $2,940 support could push the price towards $2,820. More losses could push the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,000
Key Resistance Level – $3,165
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