Ethereum price has started to show signs of recovery after finding support around the $2,940 level. If it manages to surpass the resistance levels at $3,055 and $3,080, ETH could experience a bullish momentum.
The price of Ethereum is currently trading near $3,030, close to the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a notable break above a major bearish trend line with resistance at $2,990.
For Ethereum to continue its upward trend in the short term, it will need to overcome the resistance at $3,080. If successful, the next key resistance level to watch out for is at $3,150, followed by $3,220. Further gains could potentially push the price towards the $3,350 and $3,550 resistance zones.
However, failure to clear the $3,080 resistance may result in another downward move for Ethereum. The initial support on the downside is around the $3,000 level, with further support at $2,935 and $2,880. A break below $2,880 could potentially push the price towards $2,720 and $2,650 in the near term.
In terms of technical indicators, the MACD for ETH/USD is showing bullish momentum in the hourly chart, and the RSI has crossed above the 50 level.
Overall, Ethereum price is showing potential for a fresh increase, but the critical level to watch is the $3,080 resistance.