Ethereum price is currently showing signs of a possible recovery above the $3,000 level. The price has managed to stay above the key support zone of $2,880 and has started to move higher. This positive momentum has also been supported by Bitcoin’s upward movement.
ETH could potentially gain bullish momentum if there is a clear break above the $3,110 resistance level. Currently, there is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart. A close above this resistance level could pave the way for further gains.
On the upside, Ethereum is facing immediate resistance near the $3,080 level, followed by major hurdles at $3,110 and $3,150. A break above these levels could lead to a push towards $3,220 and $3,320. However, failure to clear the $3,110 resistance may result in a downside move towards $3,020, with further support at $2,975 and $2,920.
The hourly MACD for ETH/USD is currently showing signs of losing momentum in the bullish zone. On the other hand, the hourly RSI has crossed above the 50 level, indicating a possible bullish momentum in the near term.
Ethereum price is showing signs of a potential recovery above the $3,110 resistance level. The positive momentum supported by Bitcoin’s movement and the formation of a bullish flag on the hourly chart are key indicators of a possible upward move. Traders should keep a close eye on the resistance and support levels mentioned to gauge the future direction of Ethereum price.