Ethereum price begins recovery wave above $2,950. ETH is currently consolidating and could attempt another recovery wave as soon as it breaks above $3,050.
- Ethereum has started a decent rally above the $2,950 zone.
- The price is trading above $2,950 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there was a breakout above the bearish trend line with resistance at $2,920.
- If the pair breaks above the $3,050 zone, it is likely that the pair will continue to move higher.
Ethereum price aims for further rise
Ethereum price started a considerable rise from $2,775, similar to Bitcoin. ETH price was able to cross the $2,850 and $2,880 resistance levels and enter the positive zone.
The bulls pushed the price above the 50% Fib retracement level of the decline from the swing high of $3,175 to the low of $2,775. Additionally, the ETH/USD pair broke above the bearish trend line with resistance at $2,920 on the hourly chart.
Ethereum price is currently trading above $2,950 and its 100-hour simple moving average. If there is further upside, the price could face resistance near the $3,020 level and the 61.8% Fib retracement level of the decline from the $3,175 high to the $2,775 low.
The next major resistance level is near the $3,050 level. The first major resistance level is near the $3,080 level. A clear break above the $3,080 resistance could send the price heading towards the $3,150 resistance. A break above the $3,150 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 $3,050, 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 $2,915 zone.
A clear move below the $2,915 support could push the price towards the $2,880 support. Any further losses could send the price towards the $2,840 area. The next significant support is $2,800.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,915
High resistance level – $3,050
