As a researcher with extensive experience in cryptocurrency markets and Ethereum price analysis, I believe that Ethereum is showing signs of recovery after finding support near the $2,940 level. The bulls have managed to push the price above major resistance levels, including the 100-hourly Simple Moving Average and a bearish trend line with resistance at $2,990.
Ethereum‘s price is bouncing back from its support at $2,940. If Ethereum manages to break past its resistance at $3,055 and then $3,080, it could regain bullish momentum.
- Ethereum found support near $2,940 and started a steady increase.
The price is trading near $3,030 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass the $3,080 resistance to continue higher in the near term.
Ethereum Price Holds Support
The price of Ethereum fell beneath the $3,000 mark, similar to Bitcoin. However, bulls reemerged around $2,940, triggering a recuperation. A new low was established at $2,936, and since then, Ethereum has been correcting its decline.
The price surpassed the $2,980 mark with a notable rise. It also exceeded the 23.6% Fibonacci retracement level, which is located between the swing high at $3,218 and the low at $2,936 on the ETH/USD hourly chart. Furthermore, there was a breach above a significant bearish trendline, with resistance at $2,990.
At present, Ethereum hovers around $3,030, which is close to its 100-hour moving average. The price may encounter initial resistance at approximately $3,040 or the same moving average. The first significant barrier lies at $3,080 or the 50% Fibonacci retracement mark of the downward trend from the peak of $3,218 to the trough of $2,936.
The price of Ether could encounter its next significant barrier at around $3,150. Should it surmount this hurdle, the asset may gather momentum and push further up to the $3,220 region. A decisive break above $3,220 might lead the price to challenge the resistance at $3,350. If Ether manages to overcome this level, it could potentially advance toward the $3,550 resistance area.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,080 barrier, there’s a risk of another price drop. The initial floor can be found around $3,000. A more substantial support lies at approximately $2,935.
If we reach the next support at around $2,880, a significant drop could lead the price down to approximately $2,720. Further declines may potentially take the price to the nearby $2,650 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,935
Major Resistance Level – $3,080
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2024-05-10 06:40