BULLISH 📈 : Ethereum price rebounds to $3,000 amid recovery wave
Ethereum Price Overview
- Ethereum is recovering from the $2,800 zone, trading near $3,000.
- The price is above $2,950 and the 100-hourly Simple Moving Average.
- A bullish trend line forms with support at $2,970 on the hourly chart.
- If it stays above $2,880, Ethereum may continue to rise.
Current Market Dynamics
Ethereum stayed stable above $2,850 and has been climbing, similar to Bitcoin. It overcame resistance levels at $2,900 and $2,920.
The price surpassed the 61.8% Fib retracement level from a high of $3,065 to a low of $2,784. It reached a high at $3,030 and is now consolidating above the 23.6% Fib retracement level from $2,784 to $3,030.
Trading is currently above $2,980 and the 100-hourly Simple Moving Average. A bullish trend line shows support at $2,970.
Resistance is near $3,030, with key resistances at $3,050 and $3,065. A move above $3,065 could lead to targets of $3,120, $3,180, or even $3,200.
Potential Decline
If Ethereum cannot surpass the $3,050 resistance, a decline might start. Initial support is around $2,970, with major support at $2,950.
A drop below $2,950 could push the price towards $2,880 or lower to $2,825. Main support is at $2,780.
Technical Indicators
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Above the 50 zone.
- Major Support Level: $2,950
- Major Resistance Level: $3,050