Ethereum Shows Signs of Recovery, Trades Above $3,350
Ethereum has experienced a decline in price, dropping below the $3,350 and $3,200 levels. However, it has now started to recover and is trading above $3,350 and the 100-hourly Simple Moving Average. This recovery has been supported by a break above a major bearish trend line with resistance at $3,400 on the ETH/USD hourly chart. If Ethereum continues to rise and settles above the $3,550 resistance zone, it could see further gains.
Price Recovery for Ethereum
Ethereum’s price initially declined below the $3,350 and $3,200 levels, following in the footsteps of Bitcoin. It even dropped below the $3,150 support level before finding support at the $3,050 zone.
However, the price has now started to move higher with a strong recovery wave above the $3,350 resistance. It has also cleared the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. Additionally, there was a break above a significant bearish trend line with resistance at $3,400 on the ETH/USD hourly chart. As a result, Ethereum is currently trading above $3,400 and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
Potential for Another Decline
If Ethereum fails to overcome the $3,550 resistance level, it may experience another decline. The initial support on the downside is near the $3,380 level. Should Ethereum fall below this level, it could find major support around the $3,320 zone. Further down, the next key support level is at $3,220. A clear move below this level might push the price towards $3,150, and any further losses could see it drop to $3,050.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is currently losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Overall, Ethereum has shown signs of recovery after a period of decline. It is currently trading above key resistance levels and the 100-hourly Simple Moving Average. However, it must overcome the $3,550 resistance level to continue its upward momentum. On the other hand, if it fails to do so, another decline may be on the horizon. Traders should keep a close eye on support levels and technical indicators to assess Ethereum’s future price movements.
Hot Take: Ethereum’s Road to Recovery
Ethereum has experienced a notable recovery after a decline below key support levels. Its recent surge has been supported by a break above a major bearish trend line and trading above the 100-hourly Simple Moving Average. While there is potential for another decline if Ethereum fails to overcome the resistance at $3,550, its current recovery suggests that it may be on track for further gains.
To stay updated on Ethereum’s price movements and market trends:
- Check out ETHUSD on TradingView.com
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