Ethereum’s price has started to recover from the $2,820 zone, but it is now facing a significant obstacle near the 100-hourly simple moving average. The cryptocurrency found support at $2,820 and has since seen a decent move above the $2,880 and $2,950 resistance levels. A key bearish trend line with resistance at $3,000 was also broken, indicating a positive shift.
However, Ethereum is currently trading below $3,030 and the 100-hourly Simple Moving Average. The immediate resistance is around the $3,030 level, with the first major resistance at $3,050. A break above this level could lead to further gains towards the $3,085 and $3,150 levels.
If the bulls continue to push the price above $3,150, there could be a potential rise towards the $3,250 and $3,350 resistance zones. On the downside, if Ethereum fails to clear the $3,050 resistance, it could initiate another decline. The initial support is near $2,940, followed by the major support at $2,880. A clear move below the $2,820 support could push the price towards $2,740 and potentially down to $2,650 in the near term.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is now above the 50 level.
It is important to note that this article is for educational purposes only and does not represent investment advice. Conduct your own research and make investment decisions at your own risk.