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Ethereum price started a downside correction below the $3,250 zone. ETH is now consolidating near $3,000 and might attempt a fresh increase.
- Ethereum started a short-term downside correction below the $3,250 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above the $3,000 zone.
Ethereum Price Hits Support
Ethereum price failed to extend gains above the $3,450 zone and started a downside correction like Bitcoin. ETH declined below the $3,320 and $3,250 support levels.
The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It might soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,120 level.
The first major resistance is near the $3,200 level. There is also a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD. The main resistance is now forming near $3,265 or the 76.4% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.
A clear move above the $3,265 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,040 level. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,950. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,040
Major Resistance Level – $3,200
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