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15 hour ago
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Ethereum Price Faces Key Resistance at $3,080 Amid Recovery Wave

Ethereum Recovers, Faces Key Resistance

  • Ethereum's price increased above the $3,000 mark, currently trading over $2,980.
  • The price remains above the 100-hourly Simple Moving Average.
  • A rising channel with support at $2,975 is forming on the ETH/USD hourly chart.
  • Key resistance levels are identified at $3,080 and $3,150.

Resistance Levels and Potential Upside

  • Ethereum surpassed $2,920 and $2,950, entering a positive zone.
  • Bulls managed to push the price past the 61.8% Fibonacci retracement from $3,175 to $2,775, spiking above $3,050.
  • Resistance at $3,080, aligning with the 76.4% Fibonacci retracement, poses a barrier.
  • Breaking above $3,150 could propel Ethereum toward $3,220 or even $3,265.

Ethereum Price

Possible Decline Scenarios

  • If unable to surpass $3,080, Ethereum might decline.
  • Initial support is around $2,980, followed by major support at $2,915.
  • A dip below $2,915 may lead the price to $2,840 or further to $2,800, with critical support at $2,775.

Technical Indicators

  • Hourly MACD is losing momentum in the bullish zone.
  • Hourly RSI is below 50.
  • Major Support: $2,915
  • Major Resistance: $3,080