ETH price has initiated a positive move above $2,900 and is displaying signs of further gains towards $3,000.
- Ethereum has started a recovery phase above the $2,920 level.
- The price is currently trading above $2,950 and the 100-hour Simple Moving Average.
- A bullish trend line is forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
- If ETH settles above $3,000, it could continue its upward trajectory.
ETH Price Aims for Further Upside
Ethereum price has managed to hold above the $2,880 pivot level and has started a recovery similar to Bitcoin. The price surged above the $2,920 resistance, entering a positive zone.
Bulls pushed the price above the 50% Fibonacci retracement level of the downward move from $3,075 to $2,888. Additionally, a bullish trend line with support at $2,930 is visible on the hourly chart of ETH/USD.
Currently, ETH is trading above $2,950 and the 100-hourly Simple Moving Average. Sustaining above $2,950 could pave the way for further upside movement.
Immediate resistance is expected near $3,000 and the 61.8% Fibonacci retracement level from the $3,075 high to $2,888 low. The primary resistance lies at $3,030, followed by $3,050. A clear breakthrough above $3,050 could push the price towards $3,120. Further gains may lead ETH towards $3,200 or even $3,220 in the short term.
Possible Downtrend in ETH?
If ETH fails to surpass the $3,000 resistance, a fresh decline could be initiated. Initial support is around $2,950.
The key support levels are $2,920, $2,880, and $2,800, with a major support at $2,720.
Technical Indicators
Hourly MACD – Indicates bullish momentum for ETH/USD.
Hourly RSI – RSI for ETH/USD is above the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,000