Ethereum price began a recovery wave above $2.950. ETH is currently consolidating and could soon attempt another wave of recovery if it reaches $3,050.
- Ethereum has started a decent rise above the $2,950 area.
- The price is trading above $2,950 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $2,920 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,050 zone.
Ethereum Price eyes more gains
Ethereum price started a decent increase from $2,775, similar to Bitcoin. ETH price was able to surpass the $2,850 and $2,880 resistance levels to enter a positive zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,175 high to $2,775 low. Additionally, there was a break above a downtrend line with resistance at $2,920 on the ETH/USD hourly chart.
Ethereum price is now trading above $2,950 and the 100 hourly simple moving average. If there is another upward move, the price could face resistance near the $3,020 level and the 61.8% Fibonacci retracement level of the downward move from the $3,175 high to $2,775 low.
The next key resistance is near the $3,050 level. The first major resistance is near the $3,080 level. A sharp move above the $3,080 resistance could send the price towards the $3,150 resistance. A bullish break above the $3,150 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $3,220 or even $3,250 in the short term.
Another drop in ETH?
If Ethereum fails to breach the $3,050 resistance, it could begin a further decline. Initial downside support is near the $2,950 level. The first major support lies near the $2,915 area.
A sharp move below the $2,915 support could push the price towards the $2,880 support. Any further losses could push the price towards the $2,840 region. The next key support lies at $2,800.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,915
Major Resistance Level – $3,050
