Recent fluctuations in the cryptocurrency markets have been especially effective on Ethereum. Ethereum is showing signs of recovery with the strength it received from the $2,940 support level. This mobility increases the potential for an increase in the price of Ethereum and attracts the attention of investors. Starting from the $2,936 high, Ethereum gained strong momentum above the $2,980 level and managed to surpass the $2,990 resistance level on the hourly chart.
Ethereum's Resistance and Support Levels
Currently, Ethereum is trading near $3,030 and it could be considered a bullish positive sign if it overcomes the $3,040 resistance. Ethereum's bullish targets are becoming more clear, and its first target is predicted to be the $3,150 level. A break above this level could allow Ethereum to rally to $3,220 and above, which could help it reach the next resistance level at $3,350.
Risks and Possible Fall Scenarios
If Ethereum fails to clear the critical resistance at $3,080, it could start a bearish trend again. The first lower support level is located around $3,000, and a break below this level could lead the price to drop to $2,935 and below. If the decline continues, it is estimated that Ethereum could drop to $2,880 or even $2,720.
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