Ethereum Price Attempts Fresh Recovery as Bullish Pressure Builds
Overview
Ethereum is currently experiencing a recovery wave, with prices attempting to establish a foothold above $2,880. This movement suggests potential bullish momentum, particularly if the price can settle above the key resistance level of $3,000.
Price Movement Analysis
Ethereum began its recovery above the $2,850 and $2,880 levels. The price is now trading above $2,900 and is positioned above the 100-hourly Simple Moving Average. A significant development occurred with a break above a bearish trend line that had resistance at $2,950 on the hourly chart of ETH/USD. This trend indicates that the pair could continue its upward trajectory if it can firmly settle above the $3,000 zone.
As Ethereum climbed, it managed to stay above the $2,750 mark, mirroring a similar recovery seen in Bitcoin. The price moved past the 61.8% Fibonacci retracement level, which was associated with the downward move from a previous swing high to a low point. Additionally, Ethereum is currently trading above the 76.4% Fibonacci retracement level of that same downward movement.
If the recovery trend continues, Ethereum may encounter resistance near the $2,980 level, with the next significant resistance located around the $3,000 mark. Further resistance is identified near $3,060, and a decisive move above this level could propel the price toward $3,150 and potentially higher.
Potential for Decline
Conversely, if Ethereum fails to breach the $3,000 resistance, it may initiate a fresh decline. Initial support is noted around the $2,920 level, followed by a major support level at $2,880. A clear move below this support could lead to further declines toward the $2,800 and $2,740 regions. Additional key support levels are identified at $2,650 and $2,620.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone.
- Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
- Major Support Level: $2,880
- Major Resistance Level: $3,000
Impact on the Crypto Market
- Ethereum’s recovery attempts may influence overall market sentiment positively.
- A successful breach of the $3,000 resistance could lead to increased buying pressure across the crypto market.
- The performance of Ethereum may correlate with movements in Bitcoin, potentially affecting market dynamics.
- Key support and resistance levels will be closely monitored by traders, impacting trading strategies.
- The technical indicators suggest a cautious optimism, which may draw more investors into the market.
Updated: 11/26/2025, 4:31:05 AM
