Ethereum Struggles Below $3K – What Could Drive an Uptrend?

In terms of the US dollar, Ethereum found a strong support near $2,300. The price of ETH/USD is rising and may continue to rise if it breaks

Skerdian Meta•Thursday, March 3, 2022•1 min read

Ethereum Struggles Below $3K - What Could Drive an Uptrend?

In terms of the US dollar, Ethereum found a strong support near $2,300. The price of ETH/USD is rising and may continue to rise if it breaks through the $2,750 resistance zone.

Ethereum’s Price Remains Stable

Ethereum began a significant rise just above $2,750 and $2,850 resistance mark. ETH/USD even broke through the $2,880 resistance level as well as the 100 hourly simple moving average to enter the positive zone.

Finally, the price rose above the $3,000 mark. A high near $3,042 was formed, and the price is already consolidating gains. It is trading well above the 23.6 percent Fib retracement level of the recent wave from the swing low of $2,559 to the high of $3,042.

ETH/USD

On the hourly chart of ETH/USD, a major bullish trend line is forming with support near $2,960. On the upside, the price of Ether is encountering resistance near the $3,020 mark.

The first significant resistance is seen near $3,040 and $3,050. A clear break above $3,050 could pave the way for further gains. In the aforementioned scenario, the price could rise to $3,120. The next major resistance is now around $3,200. Any further gains could push the price up to $3,320.

Dips in ETH Are Limited?

If Ethereum fails to break through the $3,050 resistance level, it may begin a downward trend. On the downside, an initial support level is near $2,980. The trend line and the $2,960 level are the next major supports.

A break underneath the $2,960 support level could push the price down to the $2,850 support level. The next significant support is near $2,800 and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the most recent wave from the $2,559 swing low to the $3,042 high. Good luck!

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.