Markets
Ethereum’s price recovery is behind Bitcoin’s surge in cryptocurrency rebound
Ethereum price managed to break above the $2,920 resistance. ETH is behind Bitcoin and may struggle to continue rising above the $3,050 resistance.
- Ethereum started a recovery wave and even rose above $3,000.
- The price is trading above $2,950 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may now struggle to break above the $3,040 and $3,050 resistance levels.
Ethereum price recovers almost 5%
Ethereum price remained stable above the $2,860 support zone and started a new increase. ETH gained almost 5%, but less Bitcoin. There was a break above a key downtrend line with resistance at $2,900 on the ETH/USD hourly chart.
The bulls pushed the price above the $2,950 and $3,000 levels. A new weekly high at $3,039 was reached and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 low to the $3,039 high.
Ethereum is still well above $2,950 and the 100 hour simple moving average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.
Source: ETHUSD on TradingView.com
An upside break above the $3,050 resistance could push the price higher. The next key resistance lies at $3,150, above which the price may gain ground and rise towards the $3,220 level. If there is a clear move above the $3,220 level, the price could rise and test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
Are dips supported in ETH?
If Ethereum fails to clear the $3,050 resistance, a downside correction could begin. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fibonacci retracement level of the recent wave from the $2,860 low to the $3,039 high.
The next support is near the $2,930 level. A clear move below the $2,930 support could push the price towards $2,900. Any further losses could push the price towards the $2,860 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major support level: $2,950
Major resistance level – $3,050