Ethereum price started a recovery wave above the $3,000 zone. ETH is now above the 100-hourly simple moving average and facing hurdles.
- Ethereum found support at $2,820 and started a recovery wave.
- The price is trading above $3,100 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,165 resistance zone.
Ethereum Price Holds Ground
Ethereum price remained stable and started a recovery wave above the $3,000 level, like Bitcoin. ETH was able to clear the $3,050 and $3,120 resistance levels.
However, the bears were active near the $3,165 resistance zone. A high was formed at $3,168 and the price started a downside correction. There was a minor move below the $3,150 level. The price is now stable above the 23.6% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high.
Ethereum is also above $3,100 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next key resistance sits at $3,250, above which the price might gain traction and rise toward the $3,350 level. If the bulls remain in action and push the price above $3,350, there could be a drift toward the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,165 resistance, it could start another decline. Initial support on the downside is near the $3,100 level and the trend line. The first major support is near the $3,000 zone or the 50% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high.
The main support is near the $2,940 level. A clear move below the $2,940 support might push the price toward $2,820. 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,165
