As an experienced analyst, I have closely observed Ethereum’s price action and identified a potential recovery trend. Ethereum has been steadily moving above key resistance levels, such as $2,950 and $3,050. However, the bullish momentum could be threatened if the price fails to clear the $3,110 resistance.
As a researcher observing the Ethereum market, I have noticed signs of potential recovery. A push above the current resistance at $3,110 could ignite a bullish trend for Ethereum.
- Ethereum is slowly moving higher above the $3,000 level.
The price is trading above $3,000 and the 100-hourly Simple Moving Average.
There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above the $3,110 resistance.
Ethereum Price Eyes Steady Recovery
The price of Ethereum held firm above the $2,880 mark, acting as a solid support. Subsequently, Ethereum began to trend upwards and surpassed the $2,950 barrier, much like Bitcoin did. Remarkably, ETH managed to breach the $3,050 resistance level before encountering significant selling pressure.
The duo examined the $3,120 barrier where resistance was encountered. A peak emerged at $3,110 and currently, prices are stabilizing after a small pullback. There was a brief dip below the $3,080 mark. The price dipped beneath the 23.6% Fibonacci retracement line of the uptrend that started from the $2,895 swing low and reached the $3,110 peak.
As an analyst, I’ve noticed that Ethereum has surpassed the $3,000 mark and is now trading above its 100-hour Simple Moving Average. On the positive side, the price is encountering resistance around the $3,080 level. Moreover, there seems to be a short-term descending channel or a potential bullish flag shaping up on Ethereum’s hourly chart against the US dollar, with resistance at $3,080.
The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,110 resistance mark, a potential drop may ensue. The initial floor for Ether is around $3,020. Notably, the first substantial support can be found in the vicinity of the $2,975 zone and the 61.8% Fibonacci retracement level, which represents the downward correction from the $2,895 swing low to the $3,110 peak.
If the price falls significantly below the $2,975 support, it could lead to a decline towards $2,920. Further losses may cause the price to head towards the nearby support at $2,820.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,975
Major Resistance Level – $3,110
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2024-07-10 06:43