Ethereum price began a wave of recovery and soared above $3,000. ETH could continue to rise if it clears the resistance at $3,080.
Ethereum began a wave of recovery above $2,980 and $3,000. The price is trading above $2,960 and the 100-hour simple moving average. On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support at $2,950. If the pair sustains a break above the $3,080 zone, the pair can continue moving higher.
Ethereum price aims for further rise
Ethereum price managed to stay above $2,880 and started a wave of recovery similar to Bitcoin. ETH price was able to cross the $2,920 and $2,950 levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the decline from the swing high of $3,165 to the low of $2,620. The bulls pushed the price even above $3,000, but it struggled to break out of the $3,080 zone.
Price failed to close above the 76.4% Fib retracement level of the decline from the swing high of $3,165 to the low of $2,620. Ethereum price is currently trading above $2,960 and its 100-hour simple moving average. Additionally, there is an important bullish trend line forming on the hourly chart of ETH/USD with support at $2,950.
If there is further upside, the price could face resistance near the $3,050 level. The next major resistance level is near the $3,080 level. The first major resistance level is near the $3,120 level. A clear break above the $3,120 resistance could send the price heading towards the $3,165 resistance. A break above the $3,165 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,220 resistance zone and even $3,250 in the short term.
Will ETH fall again?
If Ethereum fails to break through the resistance at $3,080, a fresh decline could begin. The first support on the downside is near the $2,950 level. The first major support is located near the $2,880 zone.
A clear move below the $2,880 support could push the price towards the $2,840 support. Any further losses could send the price towards the $2,800 area in the near term. The next significant support is at $2,750 and $2,740.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,950
High resistance level – $3,080
