Ethereum (ETH) Price Analysis: Facing A Significant Hurdle, What Are The Critical Levels?

Ethereum recovered well above the $ 2,750 resistance zone against the US Dollar. However, ETH price needs to clear $ 3,000 for a steady increase in the coming sessions. According to the analysis of NewsBTC’s Aayush Jindal:

Ethereum rose more than 15% and cleared the $ 2,750 resistance zone.
The price is still well below the $ 3,000 level and the 100 hourly simple moving average.
There is a crucial contracting triangle formation with resistance close to $ 2,880 on the hourly chart of ETH / USD (based on Kraken data).
The pair needs to clear $ 2,880 and $ 3,000 to return to the positive zone in the near term.

Ethereum (ETH) Faces A Significant Barrier

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Ethereum started a good recovery wave and climbed above the $ 2,500 barrier. Similar to Bitcoin, ETH even crossed the $ 2,650 resistance zone to move into a short-term positive zone.

The price even cleared the $ 2,850 resistance. However, the bulls are facing a major resistance near the $ 3,000 level and the 100 hourly simple moving average. The recent high was near $ 3,006 and the price is currently consolidating its gains.

The price is still well below the $ 3,000 level and the 100 hourly simple moving average, with a break below the 23.6% Fib retracement level of the upward move from $ 22158 to $ 3,006.

What are the critical levels facing an important hurdle in ethereum eth price analysis?

There appears to be a significant contracting triangle formation on the hourly chart of ETH / USD with resistance near $ 2,880. A successful break above the pattern resistance and $ 2,900 could trigger a bullish wave. In the given situation, there is a chance that ETH price even surpasses the $ 3,000 level and 100 hourly SMA.

The next major resistance is near the $ 3,300 level. More gains could push the price up to $ 3,500.

Will Ethereum (ETH) Fall?

If Ethereum fails to break above the $ 2,880 and $ 3,000 resistance levels, it could start another decline. The first support on the downside is near the $ 2,800 level and the pattern’s trend line.

The first major support is near the $ 2,580 level. The 50% Fib retracement level of the move from $ 2,158 to $ 3,006 is also near the $ 2,580 level. More losses could trigger a bigger drop in the coming sessions.