Ethereum Price Seeks Additional Gains as Bulls Try to Regain Momentum

[Ben Graham]

Ethereum price started a recovery wave above $2,950. ETH is now consolidating and might soon attempt another recovery wave if it clears $3,050.

• Ethereum started a decent upward move above the $2,950 zone.
• The price is trading above $2,950 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above the $3,050 zone.

Ethereum Price Eyes More Gains

Ethereum price started a decent increase from $2,775, like Bitcoin. ETH price was able to surpass the $2,850 and $2,880 resistance levels to enter a positive zone.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low. Moreover, there was a break above a bearish trend line with resistance at $2,920 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If there is another upward move, the price could face resistance near the $3,020 level and the 61.8% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low.

The next key resistance is near the $3,050 level. The first major resistance is near the $3,080 level. A clear move above the $3,080 resistance might send the price toward the $3,150 resistance. An upside break above the $3,150 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,220 resistance zone or even $3,250 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,050 resistance, it could start a fresh decline. Initial support on the downside is near the $2,950 level. The first major support sits near the $2,915 zone.

A clear move below the $2,915 support might push the price toward the $2,880 support. Any more losses might send the price toward the $2,840 region. The next key support sits at $2,800.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,915

Major Resistance Level – $3,050