Ethereum Price Attempts Fresh Recovery Amid Growing Bullish Momentum

Ethereum's price has initiated a recovery movement, climbing above $2,880. If ETH can establish a foothold above the critical $3,000 resistance level, it could gain further bullish momentum.

Key Takeaways

Ethereum has begun a recovery wave, moving past the $2,850 and $2,880 levels.
The current price is over $2,900 and above the 100-hourly Simple Moving Average (SMA).
Additionally, there has been a breakout above a significant bearish trend line at the $2,950 resistance on the hourly chart of ETH/USD (data sourced from Kraken).
If Ethereum manages to settle above $3,000, it may continue to rise.

Ethereum Faces Resistance Wall

Ethereum Price Aims for an Upside Break

Ethereum has successfully maintained its position above $2,750, beginning a recovery wave similar to Bitcoin's recent movements. The price has climbed beyond the $2,800 and $2,850 thresholds, indicating strength among buyers (bulls).

The bulls succeeded in pushing the price above the 61.8% Fibonacci retracement level from the decline that saw values drop from $3,058 to $2,620. Moreover, a key bearish trend line was broken, which had resistance positioned at $2,950 on the hourly ETH/USD chart.

Currently, Ethereum is trading above $2,840 and above the 100-hourly Simple Moving Average. It has also surpassed the 76.4% Fibonacci retracement level from the recent downward move.

Ethereum Price

Should another recovery wave occur, the price may encounter resistance around the $2,980 level, with stronger resistance expected near the $3,000 mark. If ETH can break through $3,060, it might rally towards the $3,150 area. An upward move beyond $3,150 could lead to further price increases, potentially pushing Ether towards $3,220 or even $3,250 in the near future.

Could Ethereum Experience a Decline?

If Ethereum fails to break through the $3,000 resistance, a fresh decline could follow. The first area of support to watch is around $2,920, with major support located near the $2,880 level.

A decisive move below $2,880 could lead the price down to the $2,800 support area. Continued losses could push Ethereum towards the $2,740 region, and key support levels are set at $2,650 and $2,620.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is showing increasing bullish momentum.
Hourly RSI: The Relative Strength Index (RSI) for ETH/USD is currently above the 50 mark.
Major Support Level: $2,880
Major Resistance Level: $3,000

By monitoring these levels, investors can gauge the possible movements of Ethereum's price in the days ahead.