Ethereum Price Aims for Further Gains as Bulls Regain Confidence

Ethereum has begun a recovery wave above $2,950. Currently, ETH is consolidating and may attempt another upward movement if it surpasses the $3,050 level.

Key Takeaways

Ethereum has moved above the $2,950 mark, indicating a beginning of bullish sentiment.
The price maintains a position above the 100-hourly Simple Moving Average.
A bullish breakout occurred above a bearish trend line at $2,920 on the ETH/USD hourly chart.
Further gains are possible if Ethereum successfully maintains its position above $3,050.

Ethereum Price Seeks Additional Gains

Ethereum's Price Movements

Ethereum (ETH) has initiated a promising upward trend starting from a low of $2,775, similarly to Bitcoin’s recent performance. The price successfully broke through both the $2,850 and $2,880 resistance levels, paving the way for a more favorable trading atmosphere.

The bulls have driven the price above the 50% Fibonacci retracement level from the downward movement between the $3,175 peak and the $2,775 trough. Additionally, the break above a bearish trend line at $2,920 on the ETH/USD hourly chart reinforces the optimistic outlook.

At present, Ethereum is trading above $2,950 and the 100-hourly Simple Moving Average. Should the upward trajectory continue, the price may encounter resistance near the $3,020 level, along with the 61.8% Fibonacci retracement from the recent downward trend.

Ethereum Price
Source: ETHUSD on TradingView.com

The next critical resistance stands at around $3,050. Following that, there is a major resistance at $3,080. If the price can convincingly break through the $3,080 threshold, it could continue toward the $3,150 resistance level. A further upside breach could position Ethereum towards the $3,220 zone or even $3,250 in the near term.

Potential for a Decline in ETH

Should Ethereum struggle to break the $3,050 resistance level, it risks entering a fresh downward trajectory. Immediate support is found at around $2,950, while the first notable support level is near $2,915.

A decisive drop below the $2,915 mark could drive the price down to the $2,880 level. Continued losses might push Ethereum down further to the $2,840 area. The next significant support is around $2,800.

Technical Indicators

Hourly MACD: The MACD for ETH/USD shows a loss of momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD remains above the 50 level.
Major Support Level: $2,915
Major Resistance Level: $3,050

This comprehensive analysis of Ethereum's pricing dynamics highlights the current bullish sentiment while also addressing potential risks in case resistance levels are not convincingly breached.