Ethereum Price Reclaims 100 SMA But Bulls Still Lack Strength To Clear Hurdles

2024-5-6 07:43

Ethereum price started a recovery wave above the $3,000 zone. ETH is now above the 100-hourly simple moving average and facing hurdles.

Ethereum found support at $2,820 and started a recovery wave. The price is trading above $3,100 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,165 resistance zone. Ethereum Price Holds Ground

Ethereum price remained stable and started a recovery wave above the $3,000 level, like Bitcoin. ETH was able to clear the $3,050 and $3,120 resistance levels.

However, the bears were active near the $3,165 resistance zone. A high was formed at $3,168 and the price started a downside correction. There was a minor move below the $3,150 level. The price is now stable above the 23.6% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high.

Ethereum is also above $3,100 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next key resistance sits at $3,250, above which the price might gain traction and rise toward the $3,350 level. If the bulls remain in action and push the price above $3,350, there could be a drift toward the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,165 resistance, it could start another decline. Initial support on the downside is near the $3,100 level and the trend line. The first major support is near the $3,000 zone or the 50% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high.

The main support is near the $2,940 level. A clear move below the $2,940 support might push the price toward $2,820. Any more losses might send the price toward the $2,650 level in the near term.

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 level.

Major Support Level – $3,000

Major Resistance Level – $3,165

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ethereum recovery started wave hurdles above price

Источник: newsbtc.com

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