Ethereum price has been showing some signs of a potential recovery in the market. As per recent data, ETH has been slowly climbing above the $3,000 mark and seems to be holding its ground. The 100-hourly Simple Moving Average also indicates a positive trend in the price movement. Additionally, a short-term declining channel or a bullish flag has been forming, with resistance near $3,080 on the hourly chart of ETH/USD.
In recent trading sessions, Ethereum managed to stay above the $2,880 support zone, initiating a decent upward movement. The price successfully surpassed the $2,950 and $3,050 resistance levels before facing some bearish pressure. It tested the $3,120 resistance zone and formed a high at $3,110 before consolidating its gains. Although there was a minor dip below $3,080, the price remains above the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.
Looking ahead, Ethereum is currently encountering resistance near the $3,080 level, with the potential for further hurdles at $3,110 and $3,150. A breakthrough above the $3,150 resistance could push the price towards the $3,220 and $3,320 levels. An even more significant bullish move above $3,320 might lead to a rally towards the $3,500 resistance zone. On the flip side, if the price fails to surpass the $3,110 resistance, a downward trend might commence. Initial support is seen near $3,020, followed by the $2,975 zone and the 61.8% Fib retracement level. Further decline could lead the price towards $2,920 and potentially $2,820 in the near term.
Analyzing the technical indicators reveals that the Hourly MACD for ETH/USD is losing momentum in the bullish zone. Meanwhile, the Hourly RSI has crossed above the 50 zone, indicating a positive sentiment among traders.
The Ethereum price movement is currently showing a mix of bullish and bearish signals. While the upward momentum is visible, there are key resistance levels that need to be breached for a sustained rally. Traders need to closely monitor the price action and technical indicators to make informed decisions in this volatile market.
