Ethereum Price Breaks Back To $3K As Traders Question Follow-Through

[Ben Graham]

Ethereum price started a recovery wave from the $2,800 zone. ETH is now trading near $3,000 and might aim for more gains if it clears $3,050.

• Ethereum managed to stay above $2,850 and started a recovery wave.
• The price is trading above $2,950 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2,970 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above the $2,880 zone.

Ethereum Price Starts Recovery

Ethereum price managed to remain stable above $2,850 and started a recovery wave, like Bitcoin. ETH price was able to clear the $2,900 and $2,920 resistance levels.

The price cleared the 61.8% Fib retracement level of the downward wave from the $3,065 swing high to the $2,784 swing low. The price even surpassed the $3,000 level. A high was formed at $3,030 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $2,784 swing low to the $3,030 high.

Ethereum price is now trading above $2,980 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2,970 on the hourly chart of ETH/USD.

If the bulls remain in action above $2,970, the price could attempt another increase. Immediate resistance is seen near the $3,030 level. The first key resistance is near the $3,050 level. The next major resistance is near the $3,065 level.

A clear move above the $3,065 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,180 resistance zone or even $3,200 in the near term.

Another Rejection 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 $2,970 level. The first major support sits near the $2,950 zone.

A clear move below the $2,950 support might push the price toward the $2,880 support. Any more losses might send the price toward the $2,825 region. The main support could be $2,780.

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 – $2,950

Major Resistance Level – $3,050