Ethereum price is currently on a path towards a potential recovery. The price of ETH is gradually climbing above the $3,000 mark, showing some positive movement. Additionally, the price is above the key 100-hourly Simple Moving Average, indicating a bullish trend. There is also a short-term declining channel or a bullish flag forming with resistance around $3,080 on the hourly chart of ETH/USD.
A significant resistance level for Ethereum is identified at $3,110. If the price manages to surpass this resistance level, it could trigger a bullish momentum for ETH. In case of a successful close above $3,110, the next major hurdle would be around the $3,150 level. Breaking through this level could potentially push the price of Ethereum towards the $3,220 resistance. Subsequently, the next key resistance lies near $3,320, with a breakthrough above this level indicating a further climb towards the $3,500 resistance zone.
On the other hand, failure to clear the $3,110 resistance could lead to another downward movement for Ethereum. The initial support level on the downside is estimated around $3,020. In case of a further decline, the first major support zone is near $2,975, which aligns with the 61.8% Fib retracement level of the recent upward move from the swing low of $2,895 to the high of $3,110. A decisive move below $2,975 could potentially drive the price towards $2,920. Further losses might drag the price down to the $2,820 level in the near future.
Analyzing the technical indicators, the hourly MACD for ETH/USD is currently displaying a loss of momentum within the bullish zone. Meanwhile, the hourly RSI has crossed above the 50 zone, indicating a slightly more positive sentiment in the market.
The Ethereum price movement is currently at a critical juncture, with key resistance and support levels to watch out for. Traders and investors need to closely monitor the price action to determine the potential direction of ETH in the near term.
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