Ethereum’s Recovery Continues as Price Targets $3,000 Zone
Following a recent drop below $2,000, Ethereum has seen a resurgence, climbing past key resistance levels. The digital currency is now eyeing a push past $3,000 in the near future, mirroring Bitcoin’s surge above $65,000.
Recovery Wave in Ethereum Price
After dropping below $2,000, Ethereum started a recovery wave, surging above $2,200 and $2,250. Key highlights of the recent price movement include:
- Recovery above the 50% Fib retracement level
- Formation of a bullish trend line with support at $2,440 on the hourly chart of ETH/USD
- Struggle near $2,540 and $2,550 resistance levels
Current Price Levels and Targets
Despite the positive momentum, Ethereum is trading below $2,650 and the 100-hourly Simple Moving Average. Key price levels and targets to watch out for include:
- Hurdles near $2,540 and the 61.8% Fib retracement level
- Major resistance at $2,680 and the 100-hourly SMA
- Potential move towards $2,720 and $2,860 on a breakout above $2,720 resistance
- Further upside towards $2,920 and potentially $3,000 in the short term
Possible Downside Risks for Ethereum
If Ethereum fails to surpass the $2,540 resistance, there could be a downside correction. Key support levels to monitor include:
Support Levels and Indicators
- Initial support near $2,440 and the bullish trend line
- Major support at $2,365 and potential dip towards $2,250
- Further drop to $2,120 and key support at $2,050
Technical Indicators for Ethereum
Key technical indicators for Ethereum’s price trend include:
- Hourly MACD – Showing bullish momentum
- Hourly RSI – Above the 50 zone, indicating strength
- Major Support Level – $2,365
- Major Resistance Level – $2,540
Hot Take: Stay Tuned for Ethereum’s Next Move
As Ethereum continues its recovery journey, all eyes are on the price action near the key resistance levels. Stay tuned for further updates on Ethereum’s price movements and potential breakout towards $3,000.
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