Ethereum price started a recovery wave and surged above $3,0000. ETH might continue to rise if it clears the $3,120 resistance.
- Ethereum started a recovery wave above $2,950 and $3,000.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it settles above the $3,120 zone.
Ethereum Price Rallies Over 5%
Ethereum price managed to stay above $2,850 and started a recovery wave, like Bitcoin. ETH price was able to climb above the $2,880 and $2,950 levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low. More importantly, the price surged above $3,000. Besides, there is a key bullish trend line forming with support at $2,880 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $3,165 swing high to the $2,620 low.
If there is another upward move, the price could face resistance near the $3,120 level. The next key resistance is near the $3,150 level. The first major resistance is near the $3,165 level. A clear move above the $3,165 resistance might send the price toward the $3,220 resistance. An upside break above the $3,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,350 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,980 level. The first major support sits near the $2,920 zone.
A clear move below the $2,920 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region in the near term. The next key support sits at $2,750 and $2,740.
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 zone.
Major Support Level – $2,980
Major Resistance Level – $3,150
