Ethereum Holds Steady at $3,000 Amid Market Volatility Anticipation

Ethereum (ETH) has embarked on a recovery phase, climbing above the $3,000 mark. Continued growth is possible if it surpasses the $3,080 resistance.

Key Takeaways

Ethereum began a recovery above $2,980 and $3,000.
The price remains above $2,960, alongside the 100-hour Simple Moving Average.
A significant bullish trend line is forming with support near $2,950 on the ETH/USD hourly chart.
The price could continue to rise if it maintains stability above the $3,080 resistance level.

Ethereum Price Consolidates Below Resistance

Ethereum Price Looks for Further Gains

Ethereum has managed to stay above $2,880 and initiate a recovery, similar to Bitcoin's recent performance. It successfully climbed beyond the $2,920 and $2,950 thresholds. The bulls have pushed the price above the 61.8% Fibonacci retracement level from the recent downward movement, reaching as high as $3,000, but faced challenges at the $3,080 resistance.

Trading above $2,960 and the 100-hour Simple Moving Average indicates potential for continued upward movement. A key bullish trend line is forming on the hourly chart of ETH/USD, with support at $2,950.

Ethereum Price
Source: ETHUSD on TradingView.com

If Ethereum manages to rise again, it might encounter resistance near the $3,050 mark, with further key resistance levels at $3,080 and $3,120. A significant move beyond $3,120 could propel the price towards $3,165. If successful, Ethereum may continue its upward trajectory, potentially reaching the $3,220 or even $3,250 levels soon.

Could There Be Another Decline in ETH?

Should Ethereum struggle to overcome the $3,080 resistance, it may enter a new phase of decline. Initial support is expected around the $2,950 level, with major support seen at $2,880.

A drop below the $2,880 support could lead the price down to the $2,840 support area, with further losses possibly pushing it towards the $2,800 mark. The next significant support levels are at $2,750 and $2,740.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is currently losing momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD is now positioned below the 50 mark.
Major Support Level: $2,950
Major Resistance Level: $3,080