💥💥💥 #EthereumPrice Targets Upside Break: Positive Indicators Light the Path
Ethereum Price Outlook: Recovery Potential and Key Levels
Ethereum's price is showing signs of a potential recovery. The cryptocurrency could gain bullish momentum if it moves decisively above the $3,110 resistance level.
Current Price Action:
- Ethereum is gradually moving higher, trading above $3,000 and the 100-hour Simple Moving Average (SMA).
- A short-term declining channel or bullish flag is forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
Recovery Potential:
- Ethereum has remained stable above the $2,880 support zone. The price climbed above $2,950 and later cleared the $3,050 resistance before encountering bearish pressure.
- The pair tested the $3,120 resistance zone, forming a high at $3,110. Currently, the price is consolidating gains with a minor decline below $3,080 and under the 23.6% Fibonacci retracement level of the upward move from $2,895 to $3,110.
Key Resistance and Support Levels:
- Resistance: The first major resistance is near $3,110. A clear move above this level could push Ethereum towards $3,150 and potentially higher, with the next major resistance at $3,220. Further gains could see the price approach $3,320 and possibly $3,500.
- Support: If Ethereum fails to break the $3,110 resistance, it could face another decline. Initial support is near $3,020, with the first major support around $2,975, coinciding with the 61.8% Fibonacci retracement level. A drop below $2,975 might lead to further declines towards $2,920, with potential for further losses towards $2,820.
Technical Indicators:
- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is above the 50 mark, indicating a balanced market.
Ethereum's price could experience a significant upward move if it surpasses the $3,110 resistance. However, failure to do so may lead to further declines, making the support levels crucial for maintaining the recovery trend.
Source - newsbtc.com
