Ethereum established a base above $3,000 and began a solid comeback. The $3,050 resistance zone and the 100 hourly simple moving average were both broken by ETH.
On the hourly chart of ETH/USD, there was also a move above a significant negative trend line with resistance above $3,060. The pair traded above $3,100 after breaking through the $3,080 resistance zone. Ethereum price has formed a high near $3,131 and is now consolidating gains.
It has already tested the previous wave’s 23.6 percent Fib retracement line from the $2,880 swing low to $3,131 high. The price of Ethereum is currently trading above $3,080, as well as the 100 hourly simple moving average. On the upside, an initial resistance and a connected bearish trend line may be spotted near the $3,090 level.
Near the $3,120 and $3,130 levels, the next major resistance will be found. In the short term, a close over $3,130 might signal the start of a persistent rising trend. The next significant resistance level could be around $3,200 or $3,220.
If ethereum fails to gain traction above $3,090, it may begin a downward trend. On the downside, $3,080 serves as an initial support level.
The 100 hourly simple moving average and the $3,040 level provide the first major support. Near the $3,000 level, the next big support is found. It’s close to the 50% Fib retracement level of the recent wave from the swing low of $2,880 to the high of $3,131. If the price breaks below the $3,000 support level on the downside, Ethereum price may begin to fall again.
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