Ethereum’s price has begun to recover above $2,950 and is currently consolidating. For the recovery to continue, ETH needs to break through the $3,050 level.
Following an upward move from around $2,775, Ethereum surpassed the $2,850 and $2,880 resistance levels. It also broke above a bearish trend line that was near $2,920 on the hourly chart. ETH is now trading above $2,950 and the 100-hour Simple Moving Average.
If the price moves higher, it may encounter resistance near $3,020, followed by key levels at $3,050 and $3,080. A clear break above $3,080 could push ETH toward $3,150, with further gains potentially reaching $3,220 or $3,250.
However, if Ethereum fails to clear the $3,050 resistance, it could start to decline again. Initial support is near $2,950, with major support at $2,915. A drop below $2,915 might lead to further losses toward $2,880, $2,840, and potentially $2,800.
Technical Indicators:
– Hourly MACD: Losing momentum in the bullish zone.
– Hourly RSI: Above 50.
– Major Support: $2,915
– Major Resistance: $3,050
Frequently Asked Questions
Of course Here is a list of FAQs about Ethereums price attempting to extend gains and regain momentum designed to be helpful for both beginners and more experienced users
Beginner General Questions
1 What does it mean that Ethereum is looking to extend its gains
It means the price of Ethereum has recently gone up and the current market activity suggests buyers are trying to push the price even higher to continue that upward trend
2 Who are the buyers mentioned and what is momentum
Buyers These are investors and traders who are purchasing ETH believing its price will increase
Momentum In trading this refers to the speed or rate of the price change Regaining momentum means buyers are stepping in to accelerate the pace of the price increase after it may have slowed down or dipped
3 Is this a good time to buy Ethereum
This is a personal investment decision that depends on your risk tolerance and research A rising price can indicate optimism but prices are volatile and can reverse quickly Never invest more than you can afford to lose
4 What typically causes Ethereums price to go up
Common drivers include increased usage of its network positive upgrades general crypto market optimism and large institutional investment
5 Where can I safely buy and track Ethereums price
You can buy ETH on reputable cryptocurrency exchanges You can track the price on these exchanges financial websites or traditional finance apps
Intermediate Market Analysis Questions
6 What are some signs that buyers are regaining momentum
Technical signs include the price holding above key support levels increasing trading volume on upswings and positive shifts in indicators like the Relative Strength Index or Moving Averages
7 Whats the difference between a shortterm gain and a longterm trend
A gain is a specific price increase over a recent period A trend is the overall direction over a much longer time A shortterm gain can happen within a larger downtrend or uptrend
8 What could stop this upward momentum
Potential hurdles