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.
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