Ethereum price has seen a recovery wave above the $3,000 zone, with the cryptocurrency now trading above the 100-hourly simple moving average. Ethereum found support at $2,820 before starting its upward movement. The price is currently above $3,100 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD, a key bullish trend line is forming with support at $3,110. The pair could gain bullish momentum if it clears the $3,165 resistance zone. Despite facing resistance near $3,165, Ethereum remains stable above the 23.6% Fib retracement level. The price is also above the 100-hourly Simple Moving Average.
Immediate resistance is near $3,165, with the first major resistance at $3,200 and the next key resistance at $3,250. If the price breaks above these levels, it could rise towards $3,350 and potentially even reach $3,500. However, a failure to clear the $3,165 resistance could lead to another decline. Support levels include $3,100, $3,000, and $2,940, with the main support at $2,820.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 level. Major support level is at $3,000, with major resistance at $3,165. Traders are advised to conduct their own research before making any investment decisions, as investing in cryptocurrencies carries risks.