$ETH has started to regain momentum after forming a recovery wave above the $2,950 level. This move suggests that buyers are slowly stepping back into the market after recent consolidation, keeping the broader bullish structure intact.
Currently, ETH is trading above $2,950 and holding above the 100-hour Simple Moving Average, a technical signal that often reflects short-term strength. This level is now acting as an important support zone for the bulls.
A key technical development was the break above a bearish trend line that had resistance near $2,920 on the hourly ETH/USD chart (Kraken data). This breakout indicates that selling pressure has weakened, allowing price action to stabilize and build a base for a potential next move.
At the moment, Ethereum is consolidating gains and preparing for its next directional move. The $3,050 resistance zone is the next major hurdle. A clear and sustained close above this level could open the door for another recovery wave and further upside in the near term.
On the downside, holding above $2,950 remains crucial. As long as ETH stays above this support, the overall structure favors buyers rather than sellers.
Key Levels to Watch:
Support: $2,950
Immediate Resistance: $3,050
Trend Bias: Bullish above support
Conclusion
Ethereum’s price action suggests cautious optimism. While consolidation continues, a successful break above $3,050 could confirm renewed bullish momentum. Traders should closely monitor volume and price behavior around this zone for confirmation of the next move.
