Summary: Ethereum Price Consolidates Losses Above $2,880
Ethereum is currently consolidating its losses above the $2,880 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. Recently, there was a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair could potentially gain bullish momentum if there is a close above the $3,160 resistance.
Ethereum Price Eyes More Upsides 🚀
Ethereum price retested the $2,820 support zone and seems to be forming a base above $2,820. The digital asset recently started a consolidation phase, similar to Bitcoin. There was a recovery wave above the $2,880 and $2,920 resistance levels.
- Break above bearish trend line with resistance near $2,960 on hourly chart of ETH/USD.
- Price tested $3,080 resistance zone, forming a high at $3,072.
- Currently trading above $3,000 and 100-hourly Simple Moving Average.
- If another recovery wave occurs, price might face resistance near $3,080 level.
The first major resistance is near the $3,150 level, with the next hurdle at $3,200. A close above $3,200 could propel Ether towards the $3,320 resistance, followed by potential targets near $3,350 and $3,500.
Another Decline In ETH? 📉
If Ethereum fails to clear the $3,150 resistance, it could trigger another decline. Initial support on the downside is near $3,020, with major support near the $2,960 zone. A break below $2,960 might lead to further losses towards $2,880 and potentially the $2,820 level in the near term.
- Initial support near $3,020 with major support at $2,960 zone.
- Technical indicators showing MACD gaining momentum in bullish zone.
- RSI for ETH/USD now above the 50 zone.
Major support level for Ethereum is at $2,960, with significant resistance at $3,150.
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 zone.
Hot Take: Keep an Eye on the $3,150 Resistance Level
As Ethereum consolidates its losses above $2,880 and eyes further upside potential, the $3,150 resistance level remains crucial. A breakthrough above this level could lead to a bullish momentum, pushing the price towards $3,320 and beyond. However, a failure to clear $3,150 might result in another decline, with immediate support at $3,020 and major support at $2,960.
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