Ethereum Eyes Further Gains as Bulls Target Key Resistance
Ethereum (ETH) has recently shown renewed vigor, initiating a recovery wave above the $2,950 mark. Currently in a consolidation phase, the digital asset is poised for another significant upward push, contingent on successfully breaching the formidable $3,050 resistance level. This positive momentum signals an ongoing battle between bulls and bears for market dominance.
Bullish Momentum Builds and Key Targets Emerge
Following a strong upward trajectory, Ethereum successfully surged past critical resistance points at $2,850 and $2,880, reminiscent of Bitcoin's recent recovery. This rally saw ETH break above a bearish trend line near $2,920 on its hourly chart and climb past the 50% Fibonacci retracement level of a previous downturn from $3,175 to $2,775. Trading steadily above $2,950 and the 100-hour Simple Moving Average, Ethereum now faces immediate resistance around the $3,020 level, aligning with the 61.8% Fib retracement. A definitive move beyond the $3,050 threshold could propel the price towards $3,080, with further gains potentially leading to $3,150, and even extending to $3,220 or $3,250 in the short term.
Navigating Potential Downturns and Crucial Support
Despite the optimistic outlook, Ethereum's inability to clear the $3,050 resistance could trigger a fresh wave of decline. On the downside, initial support is identified near $2,950, with a more substantial safeguard positioned around the $2,915 zone. Should ETH fall below this critical $2,915 support, the price could quickly retrace towards $2,880. Sustained selling pressure might then drive it further down to the $2,840 region, with the next significant support level resting at $2,800.
Technical Snapshot
Current technical indicators present a mixed but leaning-bullish picture. The Hourly Moving Average Convergence Divergence (MACD) for ETH/USD is showing signs of losing some momentum within the bullish zone, suggesting a slight cooling of buying pressure. However, the Hourly Relative Strength Index (RSI) for ETH/USD remains positioned above the 50 mark, indicating that bulls still hold a relative advantage in the market.
