- Ethereum has bounced back above $3,000, showing strength above key support at $2,970 and the 100-hourly SMA.
- Traders are watching resistance near $3,050–$3,065 to determine if the rally can continue or face a pullback.
Ethereum (ETH) has reclaimed the $3,000 level, sparking renewed interest among traders, though questions remain over whether the rally can sustain strength. After a period of consolidation near $2,850, ETH has staged a notable recovery, signaling potential further gains if key resistance levels are broken.
Ethereum Price Starts Recovery
Ethereum’s price stabilized above $2,850 and began a recovery wave, mirroring Bitcoin’s recent bounce. The coin cleared the $2,900 and $2,920 resistance levels, surpassing the 61.8% Fibonacci retracement of its previous decline from $3,065 to $2,784. ETH formed a short-term high at $3,030 and is currently consolidating above $2,980, supported by a bullish trend line at $2,970 on the hourly chart (data via Kraken).
Trading above the 100-hourly Simple Moving Average, Ethereum shows signs of strength. If bulls maintain pressure above $2,970, ETH could aim for immediate resistance at $3,030 and then $3,050. A clear break above $3,065 could open the door toward $3,120, with further potential to $3,180 or even $3,200 in the near term.
Key Resistance and Support Levels
While the recovery is encouraging, traders remain cautious. Failure to surpass the $3,050 resistance could trigger a pullback. Initial support is found at $2,970, followed by $2,950. A break below these levels could see ETH testing $2,880, with $2,825 and $2,780 acting as major support zones.
Technical indicators offer mixed signals. The hourly MACD suggests bullish momentum is slowing, while the RSI sits above the 50 zone, indicating moderate strength. Traders will be closely watching price action around $3,050 to gauge whether Ethereum can continue its upward trajectory or face another short-term rejection.
Ethereum’s return to $3,000 has revived optimism in the market, but traders remain alert to resistance and potential retracements. Breaking through $3,065 could mark the start of a more extended rally, while failure to hold support near $2,970 may result in a temporary pullback.
For now, Ethereum remains in a delicate balance, with every move above $3,000 signaling cautious optimism among traders.
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