Ethereum Price Reclaims $3,000, But Can ETH Continue Higher?
Ethereum price plunged more than 10% before bulls emerged near $2,550. ETH is back above $3,000 and now faces many hurdles near $3,200.
Ethereum is attempting to initiate a recovery wave from the $2,550 support area. It is trading below $3,250 and the 100 hourly simple moving average. An ascending channel has formed on the hourly chart of ETH/USD with resistance at $3,200.
If the pair stays above the $3,000 support area, it is likely to gain bullish momentum.
Ethereum Price Ushers in Recovery Wave
Ethereum price started a sharp decline from the $3,550 resistance. ETH fell more than 10% and is trading below the $3,000 support. It even surged below $2,750 and tested $2,550.
A low was formed near $2,537 and the price is now attempting a recovery wave like Bitcoin. The price climbed above the $2,800 and $3,000 resistance levels. It even surpassed the 50% Fibonacci retracement level of the decline from the $3,615 swing high to $2,537 low.
Ethereum is currently trading below $3,250 and the 100 hourly simple moving average. An immediate resistance is near $3,200 or the 61.8% Fibonacci retracement level of the down move from the $3,615 swing high to $2,537 low. There is also an ascending channel forming on the hourly chart of ETH/USD with resistance at $3,200.
The first major resistance is near $3,250. The next key resistance is $3,300, above which the price is likely to test the $3,360 level. The key hurdle could be $3,500, above which Ether is likely to gain bullish momentum. In the above case, the price could rise to the $3,620 area. If the $3,620 resistance is crossed, Ethereum might even rise to the $3,750 resistance.
ETH Falling Again?
If Ethereum fails to break the $3,250 resistance, it could start another decline. An initial support on the downside is near the $3,080 area.
The first major support is near the $3,000 area. The next key support could be the $2,880 area.If there is a clear break below the $2,880 support level, the price could move up to $2,750. If there are more losses, the price could move up to the $2,550 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,250
