Ethereum Price Eyeing Upward Breakout: Positive Indicators Light the Way Forward

Ethereum price seems to be brewing a decent recovery. If Ethereum can break the $3,110 resistance clearly, it is likely to gain bullish momentum.

Recently, Ethereum price is climbing steadily above $3,000. The current price is firmly above $3,000 and the 100 hourly simple moving average. On the hourly chart of Ethereum to the US dollar (ETH/USD) (data source from Kraken), it can be observed that a short-term descending channel or a bullish flag is forming with resistance near $3,080.

If Ethereum can close above the $3,110 resistance, the pair is likely to gain bullish momentum. Currently, Ethereum price is eyeing a steady recovery path.

Ethereum price is stable above the $2,880 support area. Similar to Bitcoin, Ethereum initiated a decent upward trend and climbed above the $2,950 resistance. The price even broke the $3,050 resistance before the bears emerged. The pair tested the $3,120 resistance area and formed a high at $3,110 and the price is currently consolidating gains.

Later, the price declined slightly below $3,080 and fell back below the 23.6% Fibonacci retracement level of the upward move from the $2,895 low to $3,110 high. Currently, Ethereum is trading above $3,000 and the 100 hourly simple moving average. On the upside, the price is facing resistance near $3,080. Meanwhile, a short-term descending channel or a bullish flag has also formed with resistance near $3,080 on the hourly chart of ETH/USD.

The first major resistance is near $3,110 while the next important hurdle is near $3,150. If there is a close above $3,150, Ethereum could head towards the $3,220 resistance. The next key resistance is near $3,320 and once this is crossed, the price is likely to rise further towards the $3,500 resistance area.

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