Ethereum Bulls Will Fade Unless They Reach $3,150
Ethereum's price action shows a slight recovery from the $2,865 mark. It's currently working through a period of consolidation, and a move above $3,050 could signal a potential rebound.
The price has been hovering just under $3,050.
Currently, it's trading below $3,040 and the 100-hour simple moving average.
ETH/USD managed to break out of a contracting triangle, overcoming resistance at $2,950 on the hourly chart.
Ethereum, like Bitcoin, faced a setback after reaching $3,050. ETH then entered a bearish phase, dipping below $3,000 and $2,920.
The bears then pushed the price down past $2,880.
After hitting $2,865, the price is now holding steady, digesting its losses. The downward move from the $3,365 peak to the $2,865 low saw a slight bounce at the 23.6% Fibonacci retracement level.
Furthermore, ETH/USD has cleared a contracting triangle on the hourly chart, with resistance near $2,950. Ethereum has dipped below $3,040 and the 100-hour simple moving average. Should the bulls manage to keep the price above $2,900, a recovery could be in the cards.
Immediate resistance is found around $3,050. The first major hurdle is the 50% Fibonacci retracement level of the bearish move from the $3,365 high to the $2,865 low, situated at $3,110. Following that, around $3,175, is the next significant resistance. A decisive break above $3,175 could see the price climb past $3,220.
A breach of $3,220 might open the door to further gains in the days ahead.
Ether could be headed for a jump, possibly reaching $3,280 or even $3,300 shortly.
Could ETH Take Another Dip?
Ethereum's price could retreat again if it can't surpass the $3,050 mark. The initial support level on the downside is roughly $2,910. Significant support is anticipated around $2,880.
A decisive move below $2,880 could see the market slide beneath $2,865. Further declines might bring the price closer to $2,820. The key support level is likely $2,750.
Key Support: $2,880
Key Resistance: $3,050
