Ethereum recovery efforts are underway as the cryptocurrency faces significant resistance near the $3,150 mark. Despite a recent decline, Ethereum is attempting to regain its footing.
Ethereum’s price recently slipped below the critical $3,050 level, dipping to $2,950. This downturn mirrored Bitcoin’s trend, with Ethereum entering a bearish zone. The price found a temporary low at $2,941 before showing signs of a modest recovery.
Ethereum Recovery: Navigating Key Resistance Levels
The Ethereum recovery is encountering hurdles near the $3,150 resistance zone. The price remains below $3,120 and the 100-hourly Simple Moving Average. If Ethereum manages a recovery wave, it must overcome the $3,150 level, aligning with the 76.4% Fib retracement of its recent decline. A crucial bearish trend line is also forming at this level.
A successful breach above $3,150 could target the $3,220 resistance, with the first major barrier at $3,250. If Ethereum surpasses $3,250, it may head toward $3,320. A breakthrough past $3,320 could ignite further gains, potentially reaching the $3,450 or even $3,500 area.
Another Decline in Ethereum?
If Ethereum fails to conquer the $3,150 resistance, it risks another downturn. Initial support lies near $3,065, with a significant support zone at $3,020. A decisive drop below $3,020 could lead to $2,950 support, with further losses pushing toward $2,880. The next vital support areas are at $2,750 and $2,740.
Technical indicators offer mixed signals. The hourly MACD indicates waning momentum in the bearish territory, while the RSI hovers above the 50 mark, suggesting some upward potential.
In conclusion, the Ethereum recovery faces a crucial test against overhead resistance. Traders should monitor key levels for possible breakouts or further declines. Ethereum’s journey remains unpredictable, yet filled with potential for those closely watching market dynamics.
