Introduction

Hey crypto enthusiasts! 🌍 Have you ever had that friend who always seems to be one step behind? Well, in the world of crypto, Ethereum is currently playing that role to Bitcoin. Lately, Bitcoin has surged ahead like your buddy who aces every marathon, leaving Ethereum puffing behind but not entirely out of sight. What's really going on with ETH's price trajectory? Let's take a deep dive and give our old pal Ethereum a closer look!

Ethereum Price Recovers Nearly 5%

Ethereum has some good news to share, and it's not just the usual "Look at my cool blockchain project!" Nope, this time it’s about a sweet recovery. Ethereum's price managed to stay above that critical $2,860 support zone and even gave us a little smile by increasing almost 5%. Admittedly, it's nothing compared to Bitcoin's stratospheric ascent, but hey, progress is progress!

The ETH/USD pair danced above a gnarly bearish trend line with resistance at $2,900, courtesy of our bullish friends pumping the price upward. Before we could blink, ETH was already breaking past the $2,950 and $3,000 levels like a well-trained hurdler. A new weekly high? Sign me up! It hit $3,039 before pausing for a snack—er, I mean, consolidation.

But wait, what’s happening now? ETH is testing the 23.6% Fib retracement level of its recent leap from $2,860 to $3,039. As of now, it's cozying up to the $2,950 mark and remains above the 100-hourly Simple Moving Average. Immediate resistance? Look no further than $3,040. And for the overachievers? There’s the $3,050 level, which could usher ETH into happier highs.

If Ethereum somehow morphs into Super ETH and bursts past $3,050, then we’re probably looking at a new key resistance at $3,150. Beyond that, aiming for $3,220 seems plausible. Should it keep this momentum, don’t act surprised if it challenges the $3,350 resistance. If things get really wild, we might even see it in the $3,500 zone—though let’s not get ahead of ourselves.

So, are dips supported? If Ethereum decides to take a little coffee break and can’t clear the $3,050 resistance, you might see it headed down toward the $3,000 level. Still not sweating it? The first major support lies near the $2,950 mark, conveniently the 50% Fib retracement level of that cheerful climb from $2,860 to $3,039. And if the price really wants to test our patience, it might slide to $2,930 or even $2,900. Worst-case scenario, we might revisit the $2,860 levels—though let's hope we don't have to break out the tissues.

Technical indicators are also chiming in. The Hourly MACD (Moving Average Convergence Divergence for the fancy folks) is slowing in bullish territory. Meanwhile, the RSI (Relative Strength Index, for all you traders) is comfortably above the 50 mark. In simpler terms, Ethereum might be lagging but it isn’t snoozing just yet.

Are dips supported in ETH?

Alright, ETH enthusiasts, sit tight because we're diving into the nitty-gritty of whether those pesky dips in Ethereum's price are supported. Spoiler alert: It's a bit of a mixed bag. If Ethereum fails to clear the $3,050 resistance, we might face a downside correction. The initial support on the downside sits around the $3,000 level. Now, I know what you're thinking— "That's a bit too close for comfort!" But hold on, there's more.

The first major support is near the $2,950 zone or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high. Translation: there's some hope if you squint hard enough. Not convinced? The next support is near the $2,930 level. A breach here might push the price toward $2,900. Yeah, it's a rollercoaster, folks. Any more losses could see Ether diving toward the $2,860 level in the near term. Hope your seatbelts are fastened!

Technical indicators

Hourly MACD

The MACD, or Moving Average Convergence Divergence for those who like tongue twisters, is a vital tool in our Ethereum arsenal. Currently, the MACD for ETH/USD is losing momentum in the bullish zone. What does that mean for you and me? Well, the bulls might need to flex some extra muscle if they want to keep the price climbing. No pressure, right? The hourly MACD slowing down could spell a period of stagnation or even a dip if the bulls don't rally soon. We're definitely in for some nail-biting moments.

Hourly RSI

Next up, the RSI, or Relative Strength Index—another nifty tool that traders love. The RSI for ETH/USD is now above the 50 level. Translation: it's more of a "glass half full" scenario. Being above 50 indicates that there's still some strength in the market, so not all is lost. Think of it like a reassuring pat on the back. It’s a sign that the market isn't super overwhelmed by sellers— yet. A dip below 50, however, and we might start hearing some collective groans from the ETH community.

Major support level

The major support level is hovering around the $2,950 mark. This isn't just any random number; it's like that trusty friend who's always got your back. Breaking down this support would potentially lead to a tumble towards the $2,900 zone. And here's where things get choppy. If the price moves below $2,930, we could see it hitting $2,860 in the near term. It's like a financial thriller—edge of your seat kind of stuff.

This makes $2,950 a crucial support level. Traders are watching this like a hawk, waiting to see if it holds up or if they'll need to brace themselves for more slides. So next time you’re stressing about ETH prices, remember, it's normal to feel that way. Anyone would be anxious to see if their financial 'parachute'—aka the major support level—will fully deploy.

Major resistance level

And finally, we’ve got the big bad resistance level at around $3,050. Think of it as the gatekeeper to higher prices. An upside break above the $3,050 resistance might send the price rocketing higher. The next key resistance sits at $3,150, and if we conquer that, we’re looking potentially at the $3,220 level.

But don’t pop the champagne just yet. Clearing $3,150 is like unlocking the next level in a video game—exciting but equally challenging. And $3,220 isn't exactly a piece of cake either. A clear move above this stronghold might catapult the price further, with gains potentially sending Ether toward the $3,500 resistance zone. For now, we can only keep fingers crossed and wallets at the ready. Here’s hoping Ethereum gives us a thrilling ride!