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Home»EXCHANGE NEWS»Ethereum price recovery path hidden behind Bitcoin’s cryptocurrency rebound
EXCHANGE NEWS

Ethereum price recovery path hidden behind Bitcoin’s cryptocurrency rebound

By Crypto FlexsMay 16, 20242 Mins Read
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Ethereum price recovery path hidden behind Bitcoin’s cryptocurrency rebound
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Ethereum price recovered above the $2,920 resistance level. ETH is trailing Bitcoin and may struggle to continue rising above the $3,050 resistance.

  • Ethereum began a recovery wave and even rose above $3,000.
  • The price is trading above $2,950 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $2,900.
  • The pair may now struggle to break the resistance levels of $3,040 and $3,050.

Ethereum price recovers almost 5%

Ethereum price held steady above the $2,860 support zone and started a new rise. ETH rose almost 5%, but less than Bitcoin. On the hourly chart, ETH/USD has broken a major bearish trend line with resistance at $2,900.

The bulls pushed the price above the $2,950 and $3,000 levels. A new weekly high was set at $3,039 and the price is currently on an upward trend. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.

Ethereum is still well above $2,950 and the 100-hour simple moving average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.

Source: ETHUSD on TradingView.com

An upside reversal above the $3,050 resistance could push the price higher. The next major resistance level is $3,150, above which the price may gain traction and advance towards the $3,220 level. A clear move above the $3,220 level could push the price higher to test the $3,350 resistance. Further gains could lead Ether towards the $3,500 resistance zone.

Are dips supported on ETH?

If Ethereum fails to clear the $3,050 resistance, a downward correction could begin. Initial support for the downside is near the $3,000 level. The first major support is near the $2,950 area or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.

The next support level is near the $2,930 level. A clear break below the $2,930 support could push the price towards $2,900. More losses could push the price towards the $2,860 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 – $2,950

Key Resistance Level – $3,050

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