Yesterday, the movement in Bitcoin price caused Ethereum to stand out in terms of its rise. ETH, recovering above the $2,920 resistance, is attempting to climb to higher levels by following Bitcoin’s lead. This upward trend excites the Ethereum community and catches the attention of technical analysts.
Ethereum in Recovery Process
Ethereum initiated a recovery wave in recent days and quickly advanced towards the $3,000 levels. Currently, the price is trading around $3,008. Especially when looking at the four-hour chart, it is observed that there was a breakout above the $2,900 resistance level, which is an important downtrend line. This indicates that the bullish trend is strengthening.
The approximately 5% increase in Ethereum’s price started after it remained stable above the $2,860 support zone. However, it should be noted that this increase is somewhat more limited compared to Bitcoin. Bulls pushed the price above the $2,950 and even $3,000 levels. With this move, a new weekly high of $3,039 was recorded, and the price is currently in the consolidation phase of these gains.
Attention to Critical Resistance Levels
Technically, Ethereum is still well above $2,950. The immediate resistance level is positioned around $3,040. However, the main important resistance level is near $3,050. If the price manages to surpass this resistance, it could gain upward momentum.
In the upcoming period, if Ethereum rises above $3,050, it has the potential to increase further. The next critical resistance level is around $3,150, and surpassing this level could see Ethereum rise towards the $3,220 levels.
If a clear move above this level occurs, Ethereum might likely test the $3,350 resistance. From this point, ETH could quickly advance towards the $3,500 resistance zone.
If Ethereum Reenters the Decline Zone, These Levels Will Follow
Although ETH seems to have consolidated in a certain price range recently, the likelihood of a downward correction increases if it fails to surpass the $3,050 resistance. Currently, the first support level in the ETH/USD pair on the downside is around $3,000. However, in the case of a more serious correction, the $2,950 zone or around $2,860 could be significant support points.
Additionally, attention should be paid to the next support level around $2,930. If the price falls below this level, there is a possibility of a push towards around $2,900. In the case of a larger loss, the possibility of the price falling to the $2,860 level in the near term should not be ignored.
When examining technical indicators, the four-hour MACD for ETH/USD is still losing momentum in the bullish zone. However, the four-hour RSI is currently above the 50 level. Accordingly, this may indicate some buying pressure.
