Ethereum started a strong recovery from $2,800 against the US Dollar. ETH is back above $3,000 and is looking for a significant increase above the $3,035 resistance.
- Ethereum started a massive recovery wave above $2900 and $2950.
- The price is now trading above $2,950 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must remain above the $2,980 support to accelerate its rally higher above $3,035.
Plunge into Ethereum Price
Ethereum’s drop extends below $2850 support area. However, ETH found strong buying interest near the $2800 level. A bottom formed near $2800 and the price started a strong upward move.
There was a clear move above the $2,880 and $2,920 resistance levels. Ether price rose above the 50% Fib retracement level of the major decline from the $3,179 swing high to $2,800. Besides, there was a break above the major downtrend line with resistance near $2,950 on the hourly chart of ETH/USD.
The price is now trading above $2950 and 100-hour simple moving average. It is also consolidating near the $3,000 level. On the upside, we see initial resistance near the $3,035 level.
Source: ETHUSD on TradingView.com
The 61.8% Fib retracement level of the major decline from the $3,179 swing high to $2,800 is also near the $3,035 level. The obvious move above the $3,035 resistance may start to rise again. The next major resistance is near the $3,090 level. Any further gains could send the price towards the $3,180 resistance. If there is a move above $3,180, the price could rise towards $3,250.
Dips Limited in ETH?
If Ethereum fails to rise above $3,035, it may start a downside correction. There is initial support on the downside near the $2,980 region.
The first major support is near the $2,950 level and the 100 hourly simple moving average. If there is a downside break below the $2950 support, the price may start a significant decline. The next major support is near the $2,915 area, below which there is a risk of a move towards $2,850.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Main Support Level – $2,980
Key Resistance Level – $3,035