Bitcoin
Ethereum Price Recovery Is Behind Bitcoin’s Rising Crypto Recovery
Ethereum price recovered above the $2,920 resistance. ETH is lagging behind Bitcoin and may struggle to continue above the $3,050 resistance.
- Ethereum started a recovery wave and even rose above $3,000.
- The price is trading above $2,950 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may now struggle to overcome the $3,040 and $3,050 resistance levels.
Ethereum price recovers almost 5%
Ethereum price remained stable above the $2,860 support zone and started a new increase. ETH gained nearly 5%, but less than Bitcoin. There was a break above a downtrend line with resistance at $2,900 on the hourly ETH/USD chart.
The bulls pushed the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fibonacci retracement level of the recent wave from the $2,860 swing low to $3,039 high.
Ethereum is still well above $2,950 and the 100-hour Simple Moving Average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.
A bullish breakout above the $3,050 resistance could push the price higher. The next key resistance lies at $3,150, above which the price could gain strength and rise towards the $3,220 level. If there is a clear move above the $3,220 level, the price could rise and test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
Are dips supported on ETH?
If Ethereum fails to clear the $3,050 resistance, it could initiate a downside correction. Initial downside support is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fibonacci retracement level of the recent wave from the $2,860 swing low to $3,039 high.
The next support is near the $2,930 level. A clear move below the $2,930 support could push the price towards $2,900. Further losses could send the price towards the $2,860 level in the near term.
Technical Indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,950
Main resistance level – $3,050