Ethereum price started a recovery wave from the $2,820 zone. ETH is rising and now facing a major hurdle near the 100-hourly simple moving average.
- Ethereum found support at $2,820 and started a recovery wave.
- The price is trading below $3,050 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it fails to clear the $3,050 resistance.
Ethereum Price Faces Key Hurdle
Ethereum price extended losses below the $3,000 level, like Bitcoin. ETH even tested the $2,820 support zone. A low was formed at $2,813 and the price started a recovery wave.
There was a decent move above the $2,880 and $2,950 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Besides, there was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.
However, the bears are active near the 100-hourly Simple Moving Average. Ethereum is now trading below $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level.
The next key resistance sits at $3,085 or the 50% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low, above which the price might gain traction and rise toward the $3,150 level.
Source: ETHUSD on TradingView.com
If the bulls remain in action and push the price above $3,150, there could be a drift toward the $3,250 resistance. Any more gains could send Ether toward the $3,350 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,050 resistance, it could start another decline. Initial support on the downside is near the $2,940 level. The first major support is near the $2,880 zone.
The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,740. Any more losses might send the price toward the $2,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,940
Major Resistance Level – $3,050
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Author: Aayush Jindal
