Ethereum’s price continued to decline, probing the $2,800 level. ETH is currently on a recovery path, potentially targeting further gains if it surpasses the $2,960 mark. Ethereum continued to linger in a bearish territory, trading beneath the $2,960 mark. The price is currently hovering just above $2,900, alongside the 100-hourly Simple Moving Average. A breakout occurred above a bearish trend line, with resistance identified at $2,910 on the hourly chart. The pair may initiate a new upward trend if it remains above the $2,880 level.
Ethereum price struggled to hold above $2,920, resulting in further losses, mirroring Bitcoin’s decline. ETH price has slipped below $2,860 and $2,840, marking its entry into a bearish zone. The bears managed to drive the price down to below $2,800. The price has finally tested $2,780 and is now making an effort to initiate a recovery wave. A breakthrough occurred above the $2,880 resistance zone. The price has surpassed the 50% Fibonacci retracement level of the downward wave from the $3,066 swing high to the $2,784 swing low.
Additionally, a breakout occurred above a bearish trend line, with resistance identified at $2,910 on the hourly chart of ETH/USD. Ethereum price is currently hovering just above $2,900, alongside the 100-hourly Simple Moving Average. If the bulls continue to push above $2,850, we might see the price make another upward move. Immediate resistance is observed around the $2,960 mark, coinciding with the 61.8% Fibonacci retracement level of the downward movement from the $3,066 swing high to the $2,784 swing low. The initial significant resistance is located around the $3,000 mark. The upcoming significant resistance is around the $3,020 mark. A decisive breakout above the $3,020 resistance could propel the price towards the $3,065 resistance level. An upside break above the $3,065 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $3,120 resistance level or possibly reach $3,150 in the short term.
If Ethereum is unable to break through the $2,960 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,880 mark. The initial significant support level is located around the $2,840 area. A decisive drop beneath the $2,840 support could drive the price down to the $2,800 support level. Further losses could push the price down to the $2,765 area. The primary support level appears to be $2,720.