Ethereum's Moment of Truth: Can Its Recovery Break Critical Resistance?
Ethereum (ETH) has recently demonstrated a notable recovery, pushing past the $2,980 mark and showing bullish momentum. However, the digital asset now finds itself at a pivotal juncture, facing significant resistance near the $3,080 level that will dictate its immediate future trajectory. The market is closely watching to see if this recovery wave can sustain itself and overcome key barriers.
Bullish Ascent Meets Strong Resistance
Following a rally similar to Bitcoin's, Ethereum surged past the $2,920 and $2,950 resistance levels, establishing a positive trend above the $3,000 zone. This upward movement saw ETH piercing the 61.8% Fibonacci retracement level of its previous downturn from $3,175 to $2,775, even briefly touching above $3,050. Despite these gains, bears have actively defended the $3,080 area. ETH currently trades above the $2,980 mark and its 100-hourly Simple Moving Average, supported by a rising channel at $2,975 on the ETH/USD hourly chart. Should the price decisively conquer the $3,080 resistance, it could pave the way for further gains, potentially targeting $3,150, $3,220, and even reaching the $3,250 or $3,265 zones in the near term.
The Looming Threat of a Decline
Conversely, if Ethereum falters at the $3,080 resistance, a fresh downtrend could commence. Immediate support is anticipated around $2,980 and the prevailing trend line, with a crucial major support level identified at $2,915. A breach below this $2,915 threshold might accelerate losses, pushing the price towards $2,840, and potentially as low as the $2,800 region, with the next significant support at $2,775.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is currently losing its bullish momentum, signaling weakening upward pressure.
- Hourly RSI: The Relative Strength Index for ETH/USD has dropped below the 50 zone, indicating a shift towards a more neutral or bearish sentiment.
- Major Support Level: $2,915
- Major Resistance Level: $3,080
