The Ethereum price has recently witnessed a recovery wave from the $2,820 support zone. This indicates a positive trend in the cryptocurrency market. However, it is important to note that ETH is now facing a major hurdle near the 100-hourly simple moving average.
Despite the recovery, Ethereum is currently trading below $3,050 and the 100-hourly Simple Moving Average. There was a significant break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD. The pair could potentially start a fresh decline if it fails to clear the $3,050 resistance.
The Ethereum price has experienced losses below the $3,000 level, similar to Bitcoin. ETH even tested the $2,820 support zone where a low was formed at $2,813. However, the price has since started a recovery wave. There was a decent move above the $2,880 and $2,950 resistance levels. The price also cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Despite these positive movements, the bears are still active near the 100-hourly Simple Moving Average.
The hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating a potential shift in market sentiment. On the other hand, the hourly RSI for ETH/USD is now above the 50 level, suggesting a bullish outlook. The major support level for Ethereum is currently at $2,940, with the first major resistance at the $3,050 level. If the price manages to break above $3,050, the next key resistance sits at $3,085 or the 50% Fib retracement level.
The recent price movement of Ethereum indicates a potential recovery from the $2,820 support zone. However, it is essential to monitor key resistance levels and technical indicators to gauge the future direction of ETH. Traders and investors are advised to conduct their own research and analysis before making any investment decisions in the volatile cryptocurrency market. Please note that investing carries risks, and information provided should be used at your own discretion and risk.