Ethereum price started a fresh increase above the $2,950 and $2,960 levels. ETH even broke the $3,000 level before the bears emerged near the $3,040 level.
The price recently started a downside correction after a new weekly high at $3,039. It broke below the $3,000 level. Ether fell below the 50% Fib retracement level of the upward move from the $2,860 swing low to $3,039 high.
Ethereum is currently trading below the $2,960 level and the 100 hourly simple moving average. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to $3,039 high. An immediate resistance is near the $2,960 level. A connecting bearish trend line has also formed on the hourly chart of ETH/USD with resistance at $2,965.
The first major resistance is near the $3,000 level. An upward break above the $3,000 resistance is likely to push the price higher. The next key resistance is at $3,050, above which the price is likely to gain traction and move up to the $3,150 level. If there is a clear break above the $3,150 level, the price is likely to rise and test the $3,220 resistance. Any further gains could push Ether towards the $3,350 resistance zone.
If Ethereum fails to break out of the $2,965 resistance and the trendline, it is likely to continue to decline. An initial support on the downside is near the $2,925 level.
The next major support is near the $2,900 area. A clear break below the $2,900 support could push the price towards $2,850. Any more losses could lead the price to the $2,740 level in the near term.
Technical Indicators:
Major Support – $2,925
Major Resistance – $2,965
Ethereum (ETH) Price Surges Above $3,100, Recovery Gains Strongly
Ethereum (ETH), the world’s second-largest cryptocurrency, is showing a strong market recovery with a price surge of over 5% to break above the critical $3,100 level. After a few weeks of strong selling pressure, ETH bulls are once again taking the lead. The driving force behind this recovery momentum is the on-the-spot decision of the U.S. Securities and Exchange Commission (SEC) to approve an Ethereum ETF after just one week.
