Ethereum has shown a modest recovery from the two thousand eight hundred sixty five dollar level and is currently moving through a period of consolidation A push above three thousand fifty dollars could indicate a potential rebound in the near term
At present the price is trading just below three thousand forty dollars and beneath the one hundred hour simple moving average On the hourly chart ETH USD recently broke out of a contracting triangle overcoming resistance near two thousand nine hundred fifty dollars
Like Bitcoin Ethereum encountered resistance around three thousand fifty dollars before entering a bearish phase The price dipped below three thousand dollars and later two thousand nine hundred twenty before bears pushed it further past two thousand eight hundred eighty After touching a low of two thousand eight hundred sixty five dollars the market is now holding steady digesting recent losses
The downward move from the three thousand three hundred sixty five dollar peak to the low at two thousand eight hundred sixty five saw a slight rebound around the twenty three point six percent Fibonacci retracement level ETH has cleared the contracting triangle on the hourly chart with resistance at two thousand nine hundred fifty dollars Maintaining levels above two thousand nine hundred could pave the way for a recovery
Immediate resistance is observed around three thousand fifty dollars The first major hurdle lies near the fifty percent Fibonacci retracement of the recent decline around three thousand one hundred ten dollars Beyond that resistance at three thousand one hundred seventy five dollars is key A decisive break above this level could allow the price to climb past three thousand two hundred twenty dollars which might open the door to further gains in the days ahead Ethereum could potentially rise toward three thousand two hundred eighty or even three thousand three hundred dollars
On the downside the price could retreat if it fails to surpass three thousand fifty dollars Initial support is near two thousand nine hundred ten with significant support around two thousand eight hundred eighty A move below this level could bring the market closer to two thousand eight hundred sixty five and further declines might push it toward two thousand eight hundred twenty The key support for Ethereum is likely near two thousand seven hundred fifty dollars
Key Support Levels Two thousand eight hundred eighty Two thousand seven hundred fifty
Key Resistance Levels Three thousand fifty Three thousand one hundred seventy five