Ethereum Price Recovery Targets $3,000 Resistance
- Ethereum price began a recovery wave above $2,880.
- ETH is trading above $2,900 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,950 on the hourly chart of ETH/USD.
- The price faces resistance near the $3,000 level with major resistance at $3,060.
- If Ethereum fails to clear the $3,000 resistance, initial support is near the $2,920 level.
Ethereum’s price recovery has seen it climb above significant levels such as $2,880 and break past a bearish trend line at $2,950. The current trading position above both the Simple Moving Average and crucial Fibonacci retracement levels indicates potential further gains if it surpasses the key resistance of $3,000.
A successful breach of the $3,000 mark could propel Ethereum towards higher targets like $3,150 and beyond in subsequent sessions. However, failure to maintain this upward momentum might lead to a decline towards support levels around $2,880 or lower. (Source)
