Ethereum’s price is showing signs of a rebound from the $2,865 support level, aiming to recover further if it surpasses the $2,960 resistance area.
After dropping to $2,864, Ethereum has begun an upward correction similar to Bitcoin. It managed to climb above $2,900 and $2,920 hurdles, also breaking a significant bearish trend line at $2,930 on the hourly ETH/USD chart.
The price spiked above $2,980, testing $3,000 before retracing. Currently, it’s correcting lower, slipping below $2,960 and the 100-hourly Simple Moving Average. Immediate resistance lies near $2,950, along with another bearish trend line on the same chart. A successful breach of these levels could signal a fresh uptick.
The primary resistance is at $3,000, followed by $3,050
Surpassing these could lead to further gains towards $3,120. If momentum continues, Ether may target the $3,150 and $3,220 resistances, with a possible move to $3,250.
However, failure to clear the $2,950 resistance might prompt another decline. Initial support is at $2,930 and the 50% Fib retracement level of the recent rise. The $2,900 zone holds crucial support, followed by $2,865. A break below $2,865 may trigger losses towards $2,740 and potentially $2,650 in the short term.
May 2024, Cryptoniteuae
