- ETH kick-started a crucial recovery move past $2.9K and $2,950.
- Ethereum now hovers beyond $2,950 and 100 hourly SMA.
- The hourly chart shows a break beyond a bearish trend-line with $2,950 resistance (Kraken data feed).
- The pair should steady beyond the $2,980 foothold for accelerated increases past $3,035.
Ethereum launched a strong recovery wave from the $2.8K mark. The leading altcoin reclaimed the $3K level and targeted another leg-up past the resistance zone at $3,035.
ETH Price Actions
Ethereum stretched its downward move beneath the support barrier at $2,850. Nevertheless, the alt secured massive buying interest of around $2.8K. Ether launched enormous upside actions after printing a low at $2.8K.
Upward moves led to a decisive action past resistance at $2,880, then $2,920. The second-largest crypto surged past the 50% Fibonacci retracement area of the vital drop to $2.8K from the $3,179 highs.
Furthermore, the hourly chart shows a break past a bearish trend line with $2,950 resistance. The pair also consolidated around $3,000. The initial resistance to the upside stands at $3,035.
The 61.8% Fibonacci retracement zone of the drop from $3,179 to $2.8K also stands near $3,035. A decisive move past the resistance at $3,035 could launch another uptrend.
Meanwhile, a massive resistance stands around the $3,090 mark. Further uptrends from this area could send Ethereum towards the resistance at $3,180. An action past this obstacle may see the altcoin exploring the $3,250 mark.
Ethereum Downswings Limited?
Ethereum’s failure to gain strength beyond $3,035 may translate to downward retracements. The first support stands at $2,980. The initial massive foothold stands at $2,950 and 100hr Simple Moving Average.
A drop beneath this support barrier may see ETH on a colossal plummet. The following vital support sits at $2,915, beneath which Ethereum would risk a move to $2,850.
Nevertheless, Ethereum’s high correlation with BTC means the alt will respond to Bitcoin’s moves. A downside move by BTC would trigger lows in ETH. For now, the world’s largest crypto exhibits a bullish outlook, trading with a 5.61% 24-hour gain at $40,618.74.
Stay tuned for upcoming developments in the financial space.