Ethereum Eyes $3,000 Mark as Traders Anticipate Further Gains Ethereum (ETH) has demonstrated a strong recovery, breaking above the $3,000 threshold after finding robust support at the $2,800 level. The leading altcoin is currently consolidating its gains, with market analysts keenly watching for a decisive move that could propel it towards new highs or signal a potential pullback.
Ethereum's Resilient Rally Towards $3K
Following a significant recovery from the $2,800 zone, Ethereum successfully navigated past key resistance levels at $2,900 and $2,920. The price action saw ETH clearing the 61.8% Fibonacci retracement level of the recent downward wave from $3,065 to $2,784. A high was formed at $3,030 before a period of consolidation began above the 23.6% Fib retracement level of the upward move from $2,784 to $3,030. Currently, Ethereum is trading comfortably above $2,980 and the 100-hourly Simple Moving Average, underpinned by a bullish trend line offering support at $2,970 on the hourly chart. Should the bullish momentum persist, immediate resistance lies at $3,030, with a crucial break above $3,050 potentially paving the way for further advances towards $3,065. A sustained rally beyond this point could target the $3,120, $3,180, or even $3,200 resistance zones.
The Path Ahead: Support and Resistance
While the current outlook is positive, failure to overcome the $3,050 resistance could initiate a fresh decline for Ethereum. Initial downside support is identified near the $2,970 level, followed by the significant $2,950 zone. A breach below $2,950 might push the price towards $2,880. Further losses could extend to the $2,825 region, with the main support level holding at $2,780. From a technical perspective, the Hourly MACD for ETH/USD is showing signs of losing bullish momentum, though the Hourly RSI remains above the 50 mark, indicating continued buying interest. Technical Indicators
- Hourly MACD: Losing bullish momentum.
- Hourly RSI: Above the 50 zone.
- Major Support Level: $2,950
- Major Resistance Level: $3,050
