Ethereum Price Aims to Break Above $2,880 Resistance Level

Ethereum Price Recovery Overview

Ethereum initiated an upward movement above $2,650.
Current trading below $2,850 and the 100-hourly Simple Moving Average.
Breakthrough occurred at $2,780 resistance on ETH/USD hourly chart.
Potential for decline if price remains under $2,880.

Ethereum's recovery commenced after falling below $2,500. It tested $2,120 before moving up past $2,550 and $2,650. The price also exceeded the 50% Fibonacci retracement of the decline from $3,400 to $2,120.

Resistance levels include:

$2,840 near 100-hourly SMA
$2,880 as first major resistance
$2,920 as main resistance near 61.8% Fib retracement
$3,000 indicating potential further gains
$3,120 and $3,250 as higher targets

If Ethereum fails to surpass $2,840, initial support is at $2,700 and major support at $2,640. A drop below $2,640 could lead to further declines toward $2,550 and $2,500 levels.

Technical Indicators

Hourly MACD shows bullish momentum.
Hourly RSI above 50.