TA: Ethereum Reclaims $3K, Can The Bulls Clear This Key Hurdle

Ethereum started a strong recovery from $2,800 against the US Dollar. ETH is back above $3,000 and eyes a major increase above the $3,035 resistance. Ethereum started a major recovery wave above $2,900 and $2,950. The price is now trading above $2,950 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,980 support to accelerate further higher above $3,035. Ethereum Price Dives Ethereum extended decline below the $2,850 support zone. However, ETH found a strong buying interest near the $2,800 level. A low was formed near $2,800 and the price started a strong upward move. There was a clear move above the $2,880 and $2,920 resistance levels. Ether price climbed above the 50% Fib retracement level of the key decline from the $3,179 swing high to $2,800 low. Besides, there was a break above a key bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD. The price is now trading above $2,950 and the 100 hourly simple moving average. It is also consolidating near the $3,000 level. On the upside, an initial resistance is seen near the $3,035 level. Source: ETHUSD on TradingView.com The 61.8% Fib retracement level of the key decline from the $3,179 swing high to $2,800 low is also near the $3,035 level. A clear move above the $3,035 resistance might start another ...