Ethereum price began its recovery from the $2,940 support. ETH could gain bullish momentum if it breaks the $3,055 and $3,080 resistance levels.
- Ethereum found support near $2,940 and began a steady increase.
- The price is trading near $3,030 and the 100-hourly simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), it has broken a major bearish trend line with resistance at $2,990.
- The pair needs to break above the $3,080 resistance to continue its gains in the near term.
Ethereum price maintains support
Ethereum price, like Bitcoin, extended losses below the $3,000 level. Finally, an uptrend emerged near $2,940 and ETH began a recovery. A low was formed at $2,936 and the price began an upward correction.
There was a significant increase above the $2,980 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Moreover, on the hourly chart of ETH/USD, it broke a major bearish trend line with resistance at $2,990.
Ethereum is currently trading near $3,030 and the 100-hour simple moving average. Immediate resistance is near the $3,040 level and the 100-hourly simple moving average. The first major resistance is near the $3,080 level or the 50% Fib retracement level for a downside move from the $3,218 swing high to the $2,936 low.
Source: ETHUSD on TradingView.com
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 $3,550 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $3,080 resistance, another decline could begin. Initial support for the downside is near the $3,000 level. The first major support is near the $2,935 area.
The next support level is near the $2,880 level. A clear break below the $2,880 support could push the price towards $2,720. 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 the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,935
Key Resistance Level – $3,080