Ethereum price is trying to mount a recovery wave above the $3,125 zone. ETH needs to overcome the USD 3,200 resistance to continue higher in the near term.
- Ethereum extended losses and tested the USD 3,075 support zone.
- The price is trading below $3,180 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it trades below the $3,125 support.
Ethereum price faces resistance
Ethereum price struggled to recover and extended losses below the USD 3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, just like Bitcoin.
There was a small increase above the resistance at $3,125. The price climbed above the 23.6% Fib retracement level from the recent decline from the $3,292 swing high to the $3,074 low. However, the bears are active near the USD 3,200 resistance zone.
Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. A major ascending channel is also forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.
The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent decline from the $3,292 swing high to the $3,074 low.
Source: ETHUSD on TradingView.com
The next major resistance is at USD 3,240, above which the price could gain strength and rise towards the USD 3,280 level. A close above the USD 3,280 resistance could send the price towards the USD 3,350 resistance. If there is a move above the USD 3,350 resistance, Ethereum could even test the USD 3,500 resistance. Even more gains could send Ether towards the USD 3,550 resistance zone.
More disadvantages of ETH?
If Ethereum fails to clear the USD 3,180 resistance, it could continue falling. The initial downside support is near the $3,125 level. The first major support is near the $3,075 zone.
The main support is around the USD 3,030 level. A clear move below the USD 3,030 support could set the pace for more losses and send the price towards USD 2,880. Any further losses could send the price towards the USD 2,750 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,125
Major resistance level – $3,200