The Ethereum price in the market is attempting to recover from the $2,865 support level. If it manages to clear the $2,960 resistance zone, it could start a fresh surge.
Currently, Ethereum (one of the top 10 altcoins) is trading below $2,950 and the 100-hourly Simple Moving Average. However, there was a break above a major bearish trend line with resistance at $2,930.
To initiate a major increase, Ethereum needs to close above the $2,990 and $3,000 resistance levels. The first major resistance is around $3,000, followed by $3,050 and $3,120.
On the downside, if Ethereum fails to clear the $2,950 resistance, it may experience another decline. The initial support is near $2,930, and further support levels are at $2,900 and $2,865.
Source: NEWSBTC
