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Ethereum Price Targets Upside Break: Positive Indicators Light the Path

Ethereum’s price is showing signs of a potential recovery as positive indicators point towards an upward break. To gain bullish momentum, ETH needs to surpass the $3,110 resistance level. Currently, the price is trading above $3,000 and the 100-hourly Simple Moving Average, indicating a positive trend.

On the hourly chart of ETH/USD, there is a short-term declining channel or a bullish flag forming with resistance around $3,080. If this resistance is broken, it could fuel further bullish momentum for Ethereum. The first major resistance stands at $3,110, followed by $3,150 and $3,220. A break above the $3,320 resistance level might propel ETH towards the $3,500 resistance zone.

However, in case Ethereum fails to clear the $3,110 resistance, a decline may occur. The initial support lies near $3,020, followed by the major support zone near $2,975 and the 61.8% Fib retracement level. If the price continues to fall, it could reach around $2,920 and potentially even $2,820 in the near term.

Technical indicators like the MACD and RSI suggest a weakening bullish momentum but remain in favorable zones for now. The market will closely monitor the movements and react accordingly.

Overall, Ethereum’s price targets an upside break, supported by positive indicators that light the path for a potential recovery.