Ethereum price is still consolidating near the $3,000 zone. ETH could start a steady rise if the bulls push the price above the USD 3,100 resistance.
- Ethereum is still struggling to recover above the USD 3,100 resistance zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the $2,850 support zone.
Ethereum price consolidates
Ethereum price tried to make another recovery wave and remained stable above the USD 3,000 level. However, the bears defended the $3,100 resistance zone, as did Bitcoin.
There was another decline below $3,000. The price even spiked below the $2,900 support. A low was formed at $2,867 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.
Ethereum is still trading below $3,100 and the 100-hourly Simple Moving Average. The immediate resistance is near the USD 3,020 level. The first major resistance is near the $3,070 level and the 100-hourly Simple Moving Average.
There is also a major bearish trendline forming with resistance at $3,070 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. The next major resistance is at USD 3,120, above which the price could rise towards the USD 3,200 level.
Source: ETHUSD on TradingView.com
The main downside resistance is at $3,280. A close above the USD 3,280 resistance could send the price towards the USD 3,350 pivot level. If there is a move above the USD 3,350 resistance, Ethereum could even climb towards the USD 3,550 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 3,100 resistance, it could trigger another decline. The initial downside support is near the $2,920 level. The first major support is near the $2,850 zone.
A clear move below the USD 2,850 support could send the price towards USD 2,620. Any further losses could send the price towards the USD 2,550 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,850
Major resistance level – $3,100