Ethereum price has triggered a recovery wave above the $3,000 zone. ETH is now above the 100 hourly simple moving average and faces headwinds.
- Ethereum found support at $2,820 and initiated a recovery wave.
- The price is trading above $3,100 and the 100 hourly simple moving average.
- A key bullish trendline is forming with support at $3,110 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it breaches the $3,165 resistance zone.
Ethereum price holds strong
Ethereum price remained stable and started a recovery wave above the $3,000 level, as Bitcoin. ETH managed to break through 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 began a downward correction. There was a slight movement below the $3,150 level. The price is now stable above the 23.6% Fibonacci retracement level of the upward move from the $2,813 low to $3,168 high.
Ethereum is also above $3,100 and the 100-hour simple moving average. Furthermore, a key bullish trendline is forming with support at $3,110 on the ETH/USD hourly chart.
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 lies at $3,250, above which the price could gain ground and reach the $3,350 level. If the bulls stay in action and push the price above $3,350, there could be a drift towards the $3,500 resistance. Any further gains could send Ether towards the $3,620 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $3,165 resistance, it could begin a further decline. Initial downside support is near the $3,100 level and the trendline. The first major support lies near the $3,000 area or the 50% Fibonacci retracement level of the upward move from the $2,813 low to $3,168 high.
The main support is near the $2,940 level. A sharp move below the $2,940 support could push the price towards $2,820. Any further losses could push the price towards 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
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