Ethereum Shows Positive Momentum Above $2,900
- Ethereum price started a recovery wave above the $2,920 zone.
- The price is trading above $2,950 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,930 on the hourly chart of ETH/USD.
- Immediate resistance is seen near the $3,000 level and the first key resistance is near $3,030.
- If Ethereum fails to clear the $3,000 resistance, it could start a fresh decline with initial support near $2,950.
Ethereum has shown a positive trend by maintaining its price above critical levels such as $2,920 and climbing past significant resistances like the 50% Fib retracement level. This upward momentum suggests potential gains if it surpasses further resistances.
With Ethereum’s current position above its major support levels and nearing key resistances like $3,030, it indicates an opportunity for further growth if these barriers are overcome. (Source)
