Ethereum fell to $2,930 before correcting higher against the US Dollar. ETH price is rising and a close above $3,200 could spark a strong recovery.
- Ethereum extended decline and broke the $3,000 support zone.
- The price is trading below $3,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a major recovery wave if there is a close above $3,200.
Ethereum Price Eyes Steady Recovery
Ethereum failed to climb above $3,200 and extended its decline. ETH declined below the $3,050 and $3,000 support levels to move further into a bearish zone.
The price spiked towards $2,920 and traded as low as $2,931. Recently, there was a sharp upside correction above the $3,000 and $3,050 levels. Besides, there was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD.
Ether price settled above the 61.8% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. It is now consolidating above the $3,100 level.
On the upside, an immediate resistance is near the $3,145 level. It is near the 76.4% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. The next major resistance is near the $3,200 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
A clear upside break above the $3,200 level could spark a decent recovery wave. The next key resistance is near the $3,300 level. Any more gains could send the price towards…