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Ethereum shrugs off selling pressure, staging a comeback above $2,850! But the bulls aren’t out of the woods yet. A stubborn $3,000 ceiling looms, threatening to send ETH tumbling back down. Is this a fleeting rally or the calm before a bigger breakout? Traders brace for impact.
- Ethereum started a recovery wave above $2,800 and $2,850.
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The price is trading above $2,850 and the 100-hourly Simple Moving Average. Ethereum bulls are battling a critical resistance! A menacing bearish trend line has emerged on the ETH/USD hourly chart (Kraken data), currently looming around $2,970. Will Ethereum break free, or will this trend line prove to be its downfall?
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The pair could continue to move down if it settles below the $2,840 zone.
Ethereum Price Faces Resistance
Ethereum is showing signs of life, mirroring Bitcoin’s upward trajectory and bouncing back from the $2,650 mark. The bulls are charging, successfully breaking through resistance at $2,740 and $2,800, suggesting a potential surge ahead.
Ethereum’s bulls charged past the 50% Fibonacci mark, clawing back ground from the recent dip between $3,058 and $2,620. But the bears are lying in wait, fiercely defending the psychological $3,000 barrier. A critical bearish trend line is also taking shape, casting a shadow of resistance near $2,970 on the hourly chart. The battle for Ethereum’s next move is heating up.
Ethereum’s price is staging a comeback, surging past $2,840 and cruising above the 100-hourly Simple Moving Average! But can this rally break through the ceiling? Keep a close watch around $2,950. This level is not only a historical resistance point but also aligns with the 76.4% Fib retracement, a key indicator measuring the pullback from the previous high of $3,058 to the recent low of $2,620. A successful breach here could signal a strong bullish continuation!
Ethereum’s ascent faces a critical juncture around $2,970, the first hurdle on its path to glory. The psychological barrier of $3,000 looms large, a pivotal point that could unleash a surge towards $3,050. Shattering $3,050 could ignite a bullish firestorm, paving the way for gains in the days ahead. Should Ether conquer this resistance, brace for a potential rally towards $3,120, with $3,250 shimmering on the horizon as the next major target.
Another Drop In ETH?
Ethereum’s rally is hitting a wall at $2,950. Will it shatter the resistance, or is this the peak before a plunge? Bulls, beware: a failure to break through could trigger a swift descent. Keep a close watch on $2,840 – the first line of defense. But the real battleground lies at $2,780; lose that, and the bears seize control.
If $2,780 crumbles, brace for a slide toward $2,740. Should the bears maintain their grip, $2,650 looms as the next battleground. Beyond that, critical defenses await at $2,550 and $2,500.
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 – $2,800
Major Resistance Level – $2,950
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