Ethereum Price Recovery Trails Behind Bitcoin’s Surge in Crypto Rebound

Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance.

• Ethereum started a recovery wave and even climbed above $3,000.
• The price is trading above $2,950 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could now struggle to clear the $3,040 and $3,050 resistance levels.

Ethereum Price Recovers Nearly 5%

Ethereum price remained stable above the $2,860 support zone and started a fresh increase. ETH gained nearly 5% but less than Bitcoin. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD.

The bulls pumped the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.

Ethereum is still well above $2,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.

An upside break above the $3,050 resistance might send the price higher. The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.

The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 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 – $2,950

Major Resistance Level – $3,050