Ethereum Price Sets Its Sights on Higher Levels: Can Bulls Maintain Momentum?
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Ethereum price started a recovery wave above the $2,650 zone. ETH is showing positive signs and might aim for a move above the $2,880 resistance.
Ethereum started a decent upward move above the $2,650 zone.
The price is trading below $2,850 and the 100-hourly Simple Moving Average.
There was a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,880 level.
Ethereum Price Recovery Gains Pace
Ethereum price started a recovery wave after it dropped heavily below $2,500, underperforming Bitcoin. ETH tested the $2,120 zone and recently started a decent upward move.
The price was able to surpass the $2,550 and $2,650 resistance levels. It even climbed above the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. There was also a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,840 level and the 100-hourly Simple Moving Average.
The first major resistance is near the $2,880 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,250 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,840 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,640 zone.
A clear move below the $2,640 support might push the price toward the $2,550 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,640
Major Resistance Level – $2,880
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