Ethereum Price Surges Past $3,000 Again — Are Bulls Getting Ready for Another Upswing?

Ethereum’s price has begun a recovery wave, exceeding $3,000. If it surpasses the $3,120 resistance level, further increases are likely.

Key Takeaways

Ethereum has initiated a recovery phase, trading above $2,950 and $3,000.
Current trading occurs above $3,000 and the 100-hourly Simple Moving Average.
A significant bullish trend line is forming with support positioned at $2,880 on the ETH/USD hourly chart (data sourced from Kraken).
If Ethereum can stabilize over the $3,120 zone, the price could continue to ascend.

Ethereum Price Pulls Back Again

Ethereum Price Increases by Over 5%

Ethereum's price has successfully maintained levels above $2,850 and has entered a recovery trend similar to Bitcoin's. The price overcame the $2,880 and $2,950 marks, with bulls pushing it beyond the 61.8% Fibonacci retracement level of the decline from the $3,165 peak to the $2,620 low. Importantly, the price has now crossed the $3,000 threshold. Moreover, a significant bullish trend line is emerging, with established support at $2,880 on the hourly ETH/USD chart.

Currently, Ethereum trades above $3,000 and the 100-hourly Simple Moving Average, while also being above the 76.4% Fibonacci retracement level from the $3,165 high to the $2,620 low.

Ethereum Price
Source: ETHUSD on TradingView.com

Should Ethereum see another upward movement, it may encounter resistance around the $3,120 level. The next significant resistance awaits near the $3,150 mark, with the primary resistance situated at $3,165. A definitive breakthrough past the $3,165 resistance could propel the price towards the $3,220 resistance. If it breaks above the $3,220 region, further gains might be expected, urging Ether toward the $3,320 resistance zone or potentially even $3,350 shortly thereafter.

Potential for Another Decline in ETH?

If Ethereum falls short of exceeding the $3,150 resistance, it risks starting a fresh decline. Initial support levels rest around $2,980, with major support found near the $2,920 area. A decisive drop below the $2,920 support could bring the price down to approximately $2,840. Further declines could even take it toward the $2,800 region soon after, with the next essential support levels lying at $2,750 and $2,740.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining momentum within a bullish range.
Hourly RSI: The RSI for ETH/USD is currently above the 50 mark.
Major Support Level: $2,980
Major Resistance Level: $3,150