Ethereum climbed above $2,950 on Dec. 29, establishing technical momentum that could extend gains toward $3,000 as traders identify bullish chart patterns and moving average support. The recovery follows a decline from $3,075 earlier this month, with price action now testing key resistance levels.
What Happened: Recovery Wave
Ethereum price recovered from the $2,880 support level, climbing above the $2,920 resistance zone to establish positive momentum. The advance pushed ETH above the 50% Fibonacci retracement level of the downward move from the $3,075 swing high to the $2,888 low.
A bullish trend line has formed with support at $2,930 on the hourly chart.
The price now trades above the 100-hourly simple moving average, with immediate resistance appearing at $3,000, which corresponds to the 61.8% Fibonacci retracement level.
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Why It Matters: Resistance Levels
Clearing the $3,000 threshold would expose resistance at $3,030, followed by major resistance at $3,050. A break above $3,050 could drive the price toward $3,120, with potential extension to $3,200 or $3,220 in the near term.
Failure to break $3,000 would likely trigger a decline toward $2,950 support, with major support at $2,920.
A breakdown below $2,920 could push Ethereum toward $2,880, with further losses potentially reaching $2,800 or the $2,720 support zone.
The hourly MACD shows increasing momentum in bullish territory, while the RSI trades above 50.
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