Coming back, Ethereum price signals fresh upside, strong resistance at $3,080

Ethereum price holds support

Ethereum price extended its decline below $3,000, just like Bitcoin. Finally, the bulls emerged near $2,940 and ETH started a recovery wave. A low was formed at $2,936 and the price started an upside correction.

There was a considerable growth above the $2,980 level. The price cleared the 2,936% Fib retracement level of the downward move from the $23.6 swing high to $2,218 low. Moreover, there was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD.

Ethereum is now trading near the $3,030 level and the 100 hourly simple moving average. An immediate resistance is near the $3,040 level and the 100 hourly simple moving average. The first major resistance is near the $3,080 level or the 50% Fib retracement level of the downward move from the $3,218 swing high to $2,936 low.

The next key resistance is at $3,150, above which the price is likely to gain traction and move up to the $3,220 level. If there is a clear break above the $3,220 level, the price is likely to rise and test the $3,350 resistance level. Any further gains could push Ether towards the $3,550 resistance zone.

The next support is near the $2,880 level. A clear break below the $2,880 support could push the price to $2,720. Any more losses could push the price to the $2,650 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,935

Major Resistance Level – $3,080

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