Ethereum Price Presses Resistance, but Can The Recovery Survive?

[Ben Graham]

Ethereum price started a recovery wave above $2,980. ETH is now consolidating and faces a key barrier near the $3,080 level.

• Ethereum started a decent upward move above the $3,000 zone.
• The price is trading above $2,980 and the 100-hourly Simple Moving Average.
• There is a rising channel forming with support at $2,975 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above the $3,080 zone.

Ethereum Price Faces Important Resistance

Ethereum price started a decent increase above $2,880, like Bitcoin. ETH price was able to surpass the $2,920 and $2,950 resistance levels to enter a positive zone.

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low. The price even spiked above the $3,050 resistance zone. However, the bears remained active near $3,080.

Ethereum price is now trading above $2,980 and the 100-hourly Simple Moving Average. There is also a rising channel forming with support at $2,975 on the hourly chart of ETH/USD.

If there is another upward move, the price could face resistance near the $3,050 level. The first key resistance is near the $3,080 level and the 76.4% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low.

The next major resistance is near the $3,150 level. A clear move above the $3,150 resistance might send the price toward the $3,220 resistance. An upside break above the $3,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,250 resistance zone or even $3,265 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,980 level and the trend line. The first major support sits near the $2,915 zone.

A clear move below the $2,915 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,775.

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 below the 50 zone.

Major Support Level – $2,915

Major Resistance Level – $3,080