Ethereum price has shown signs of recovery after hitting a low of $2,865. The price has attempted to bounce back and is currently trading above $2,900. A break above the $2,960 resistance zone could indicate a fresh surge for ETH.
The price of Ethereum is currently below $2,950 and the 100-hourly Simple Moving Average. However, there was a positive development with the break above a major bearish trend line with resistance at $2,930 on the hourly chart of ETH/USD. If the price manages to close above the $2,990 and $3,000 resistance levels, it could signal the start of a major increase.
ETH traded as high as $2,992 after the recovery from $2,864, before correcting gains. The price dipped below $2,960, indicating a short-term correction. Despite the current level below $2,950, there is potential for an upside movement. The immediate resistance is near $2,950, followed by another connecting bearish trend line. Breaking through these levels could pave the way for further price increases.
If the bulls manage to push the price above $3,000, the next major resistance levels to watch out for are at $3,050 and $3,120. A clear move above $3,150 could even send the price of Ether to test the $3,220 resistance zone. Further gains might lead to ETH approaching the $3,250 mark.
However, failure to clear the $2,950 resistance could result in another decline for Ethereum. The initial support on the downside is expected near the $2,930 level and the 50% Fib retracement level. The $2,900 zone and $2,865 level are crucial support levels to monitor. A break below $2,865 might signal further losses, potentially pushing the price toward $2,740 or even $2,650 in the near term.
Looking at the technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bearish zone. The hourly RSI has dropped below the 50 level, indicating a potential downward pressure on the price.
While Ethereum price is currently facing resistance at $2,950, there are positive signals suggesting a potential surge if key resistance levels are cleared. Traders and investors need to keep a close eye on the support and resistance levels mentioned to gauge the future price movement of Ethereum.