Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a recovery wave from the $2,940 support. ETH could gain bullish momentum if it clears the $3,055 and $3,080 resistance levels.
- Ethereum found support near $2,940 and started a steady increase.
- The price is trading near $3,030 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must surpass the $3,080 resistance to continue higher in the near term.
Ethereum Price Holds Support
Ethereum price extended losses below the $3,000 level, like Bitcoin. Finally, the bulls appeared near the $2,940 and ETH started a recovery wave. A low was formed at $2,936 and the price started an upside correction.
There was a decent 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. Besides, there was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD.
Ethereum is now trading near $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level and 100-hourly Simple Moving Average. The first major resistance is near the $3,080 level or the 50% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,550 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,080 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,935 zone.
The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,935
Major Resistance Level – $3,080
