10 July 2024
Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance.
Ethereum is slowly moving higher above the $3,000 level.
The price is trading above $3,000 and the 100-hourly Simple Moving Average.
There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above the $3,110 resistance.
Ethereum Price Eyes Steady Recovery
Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like Bitcoin. The price even cleared the $3,050 resistance before the bears emerged.
The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.
Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD.
The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high.
A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,975
Major Resistance Level – $3,110