Ethereum price started a decent rise above $2,900. ETH is currently showing positive signs and could aim for further gains above $3,000.
Ethereum has started a recovery wave above the $2,920 zone. The price is trading above $2,950 and the 100-hour simple moving average. A bullish trend line is forming on the hourly chart of ETH/USD with support at $2,930 (data feed via Kraken). If it settles above the $3,000 zone, the pair is likely to continue moving higher.
Ethereum price aims for further rise
Ethereum price managed to stay above the $2,880 pivot level and similar to Bitcoin, a recovery wave began. ETH price rose above the $2,920 resistance and entered the positive zone.
The bulls were able to push the price above the 50% Fib retracement level of the decline from the swing high of $3,075 to the low of $2,888. Furthermore, the hourly chart of ETH/USD has formed a bullish trend line with support at $2,930.
Ethereum price is currently trading above $2,950 and its 100-hour simple moving average. If the bulls are able to protect against further losses below $2,950, the price could continue to rise.
Immediate resistance is seen near the $3,000 level and the 61.8% Fib retracement level of the decline from the swing high of $3,075 to the low of $2,888. The first major resistance level is near the $3,030 level. The next major resistance level is near the $3,050 level. A clear break above the $3,050 resistance could send the price heading towards the $3,120 resistance. A break above the $3,120 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,200 resistance zone and even $3,220 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,000 resistance, 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 $2,920 zone. A clear move below the $2,920 support could push the price towards the $2,880 support. Any further losses could send the price towards the $2,800 area. The next significant support is $2,720.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,950
High resistance level – $3,000
