Ethereum price started a recovery wave from the $2,940 support. ETH could gain bullish momentum if it clears the $3,055 and $3,080 resistance levels.

Ethereum found support near $2,940 and started a steady increase.
The price is trading near $3,030 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass the $3,080 resistance to continue higher in the near term.

Ethereum Price Holds Support

Ethereum price extended losses below the $3,000 level, like Bitcoin. Finally, the bulls appeared near the $2,940 and ETH started a recovery wave. A low was formed at $2,936 and the price started an upside correction.

There was a decent increase above the $2,980 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Besides, there was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD.

Ethereum is now trading near $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level and 100-hourly Simple Moving Average. The first major resistance is near the $3,080 level or the 50% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,550 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,080 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,935 zone.

The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term.

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 level.

Major Support Level – $2,935

Major Resistance Level – $3,080

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Filed under: Bitcoin - @ May 10, 2024 3:23 am