{"id":608293,"date":"2024-05-16T03:38:52","date_gmt":"2024-05-16T03:38:52","guid":{"rendered":"https:\/\/wncen.com\/?p=608293"},"modified":"2024-06-11T06:58:59","modified_gmt":"2024-06-11T06:58:59","slug":"ethereum-price-recovery-trails-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-recovery-trails-bitcoin\/","title":{"rendered":"Ethereum Price Recovery Trails Behind Bitcoin&#8217;s Surge in Crypto Rebound"},"content":{"rendered":"<p><em>Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance.<\/em><\/p>\n<ul>\n<li>Ethereum started a recovery wave and even climbed above $3,000.<\/li>\n<li>The price is trading above $2,950 and the 100-hourly Simple Moving Average.<\/li>\n<li>There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could now struggle to clear the $3,040 and $3,050 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Recovers Nearly 5%<\/h2>\n<p>Ethereum price remained stable above the $2,860 support zone and started a fresh increase. ETH gained nearly 5% but less than <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-breaks-free-63500\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH\/USD.<\/p>\n<p>The bulls pumped the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.<\/p>\n<p>Ethereum is still well above $2,950 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-break-2925\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.<\/p>\n<figure id=\"attachment_608294\" aria-describedby=\"caption-attachment-608294\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-608294 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?resize=1024%2C461\" alt=\"Ethereum Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_5331ff.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-608294\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>An upside break above the $3,050 resistance might send the price higher. The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.<\/p>\n<h2>Are Dips Supported In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. 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.<\/p>\n<p>The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 level in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n<p>Major Support Level \u2013 $2,950<\/p>\n<p>Major Resistance Level \u2013 $3,050<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance. Ethereum started a recovery wave and even climbed above $3,000. The price is trading above $2,950 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could now struggle to clear the $3,040 and $3,050 resistance levels. Ethereum Price Recovers Nearly 5% Ethereum price remained stable above the $2,860 support zone and started a fresh increase. ETH gained nearly 5% but less than Bitcoin. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH\/USD. The bulls pumped the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high. Ethereum is still well above $2,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level. An upside break above the $3,050 resistance might send the price higher. The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. Are Dips Supported In ETH? If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. 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. The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is losing momentum in the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now above the 50 level. Major Support Level \u2013 $2,950 Major Resistance Level \u2013 $3,050<\/p>\n","protected":false},"author":67,"featured_media":608295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[65296,1946,8686,78803],"class_list":["post-608293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Recovery Trails Behind Bitcoin&#039;s Surge in Crypto Rebound<\/title>\n<meta name=\"description\" content=\"Ethereum price recovered above the $2,920 resistance. 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