12 hour ago
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Ethereum Price Recovers Above $3K, Eyes $3,080 Resistance Break
Ethereum Price Movement
- Ethereum price initiated a recovery wave above $2,980 and $3,000.
- The price is currently trading above $2,960 and the 100-hourly Simple Moving Average.
- A key bullish trend line is developing with support at $2,950 on the ETH/USD hourly chart.
- The pair could advance further if it surpasses the $3,080 resistance level.
Potential Gains and Resistance Levels
- Ethereum managed to climb above $2,920 and $2,950, staying above $2,880.
- The price encountered resistance near the $3,080 zone after climbing above $3,000.
- Key resistances are at $3,050, $3,080, and $3,120. Breaking $3,120 may propel the price towards $3,165 and potentially $3,220 or $3,250.
Possible Decline Scenarios
- If Ethereum fails to break $3,080, a decline could occur.
- Initial support is at $2,950, with significant support at $2,880.
- A drop below $2,880 could lead to further declines towards $2,840, then $2,800, and possibly down to $2,750.
Technical Indicators
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Currently below the 50 mark.
- Major Support Level: $2,950
- Major Resistance Level: $3,080