#Ethereum Price Reclaims $3K But Can $ETH Continue Higher?
Ethereum experienced a sharp decline of over 10%, dipping below $3,000 before finding support near $2,550. The #cryptocurrency has since bounced back above $3,000 but faces several obstacles around the $3,200 mark.
Currently, Ethereum is in the process of initiating a recovery phase from the crucial $2,550 support area, mirroring Bitcoin's recent movements. After surpassing the resistance levels at $2,800 and $3,000, it breached the 50% Fibonacci retracement level of the downward swing from $3,615 to $2,537.
However, Ethereum is currently trading beneath $3,250 and the 100-hourly Simple Moving Average. Resistance is evident around the $3,200 level, along with the 61.8% Fib retracement level from the recent swing high to low. Additionally, a rising channel has formed with resistance at $3,200 on the hourly chart of ETH/USD.
The primary resistance lies near $3,250, followed by $3,300 and $3,360. Surpassing these levels could pave the way for Ethereum to test $3,500 and even aim for the $3,620 zone. On the downside, initial support is anticipated around $3,080, followed by the crucial $3,000 level. Further down, the $2,880 support zone comes into play, with a breach potentially leading to a decline towards $2,750 or even $2,550.
Technical indicators show the MACD for ETH/USD is losing momentum in the bearish zone, while the hourly RSI has climbed above the 50 level.
In summary, Ethereum's price action in the near term will likely be influenced by its ability to overcome resistance levels and maintain support, with $3,000 serving as a critical level to watch.
Source - newsbtc.com