Ethereum Price Faces Resistance Near $3,000 Amid Recovery Wave

Ethereum's price has begun a recovery wave, surpassing $2,850, but faces resistance near $3,000.

ETH is trading above $2,850 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2,970 on the ETH/USD hourly chart.
If ETH fails to maintain above the $2,840 zone, a decline might resume.

Resistance and Support Levels

ETH managed to stay above $2,650, climbing past $2,740 and $2,800. The price was pushed above the 50% Fib retracement from the $3,058 high to the $2,620 low, but struggles below $3,000.

The next resistance levels are:

$2,950 and the 76.4% Fib retracement level
$2,970
$3,000
Potential further gains could reach $3,050, $3,120, or even $3,250.

Ethereum Price

Potential Decline

If ETH doesn't surpass $2,950, it may decline again. Key support levels include:

$2,840
$2,780
$2,740
Further decline could target $2,650, $2,550, and $2,500.

Technical Indicators:

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Above the 50 zone.
Major Support Level: $2,800
Major Resistance Level: $2,950