Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the USD 3,220 resistance and is currently paring gains.
- Ethereum continued to climb above the USD 3,150 and USD 3,200 levels before the bears appeared.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trendline with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the USD 3,020 support to start a new increase towards USD 3,220.
Ethereum price drops again
Ethereum price continued to climb above the USD 3,150 and USD 3,200 levels, as did Bitcoin. ETH tested the USD 3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downward correction.
There was a move below the USD 3,150 level. The bears pushed it below the USD 3,120 support. Additionally, there was a break below a major bullish trendline with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 zone.
A low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The next major resistance is at USD 3,170, above which the price could gain strength and rise towards the USD 3,220 level.
Source: ETHUSD on TradingView.com
If the bulls remain in action and push the price above USD 3,220, a move towards the USD 3,350 resistance could occur. Even more gains could send Ether towards the USD 3,500 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,120 resistance, it could trigger another decline. The initial downside support is near the $3,025 level. The first major support is near the $3,000 zone.
The main support is around the USD 2,950 level. A clear move below the USD 2,950 support could push the price towards USD 2,820. Any further losses could send the price towards the USD 2,650 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,025
Major resistance level – $3,120
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