As the Ethereum price started a recovery wave above the $3,000 zone, ETH is now trading above the 100-hourly simple moving average. However, the digital currency is facing some hurdles along the way.
Ethereum found support at $2,820 and initiated a recovery wave. The price is currently above $3,100 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD.
Immediate resistance is near the $3,165 level, with the first major resistance at $3,200. The next key resistance sits at $3,250, followed by a potential rise towards the $3,350 level. If the bulls continue to push the price above $3,350, we could see it heading towards the $3,500 resistance and potentially even higher to $3,620.
On the other hand, failure to clear the $3,165 resistance could lead to another decline. The initial support on the downside is near the $3,100 level and the trend line, with the first major support at the $3,000 zone or the 50% Fib retracement level. The main support is near $2,940, and a clear move below this level might send the price towards $2,820.
Looking at the technical indicators, the hourly MACD for ETH/USD is losing momentum in the bullish zone. Meanwhile, the hourly RSI is now above the 50 level, indicating a potential for further upward movement.
Ethereum is currently in a critical position as it approaches the $3,165 resistance level. If the bulls manage to push the price above this resistance, we could see a strong bullish momentum towards higher resistances. However, a failure to break above $3,165 could result in another downtrend for Ethereum. Traders and investors are advised to conduct their own research and use the provided information at their own risk.