Ethereum Price Recovery Trails Behind Bitcoin’s Surge in Crypto Rebound
16 Mai 2024 - 5:38AM
NEWSBTC
Ethereum price recovered above the $2,920 resistance. ETH is
trailing Bitcoin and might struggle to continue higher above the
$3,050 resistance. Ethereum started a recovery wave and even
climbed above $3,000. The price is trading above $2,950 and the
100-hourly Simple Moving Average. There was a break above a key
bearish trend line with resistance at $2,900 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could now struggle to
clear the $3,040 and $3,050 resistance levels. Ethereum Price
Recovers Nearly 5% Ethereum price remained stable above the $2,860
support zone and started a fresh increase. ETH gained nearly 5% but
less than Bitcoin. There was a break above a key bearish trend line
with resistance at $2,900 on the hourly chart of ETH/USD. The bulls
pumped the price above the $2,950 and $3,000 levels. A new weekly
high was formed at $3,039 and the price is now consolidating gains.
It tested the 23.6% Fib retracement level of the recent wave from
the $2,860 swing low to the $3,039 high. Ethereum is still well
above $2,950 and the 100-hourly Simple Moving Average. Immediate
resistance is near the $3,040 level. The first major resistance is
near the $3,050 level. An upside break above the $3,050 resistance
might send the price higher. The next key resistance sits at
$3,150, above which the price might gain traction and rise toward
the $3,220 level. If there is a clear move above the $3,220 level,
the price might rise and test the $3,350 resistance. Any more gains
could send Ether toward the $3,500 resistance zone. Are Dips
Supported In ETH? If Ethereum fails to clear the $3,050 resistance,
it could start a downside correction. Initial support on the
downside is near the $3,000 level. The first major support is near
the $2,950 zone or the 50% Fib retracement level of the recent wave
from the $2,860 swing low to the $3,039 high. The next support is
near the $2,930 level. A clear move below the $2,930 support might
push the price toward $2,900. Any more losses might send the price
toward the $2,860 level in the near term. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50
level. Major Support Level – $2,950 Major Resistance Level – $3,050
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