Ethereum price is consolidating near the $3,000 zone. ETH could stage a significant recovery wave if it overcomes the USD 3,100 and USD 3,200 resistance levels.
- Ethereum is struggling to recover above the USD 3,100 resistance zone.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall again if it remains below the $3,100 resistance zone.
Ethereum price holds steady
Ethereum price slowly fell after it failed to break the USD 3,200 resistance zone. ETH remained in a bearish zone below $3,100 and showed bearish signs, like Bitcoin.
Recently, the bears managed to push the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the upwave from the $2,535 swing low to the $3,279 high. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $3,030 level. There is also a major bearish trendline forming with resistance at $3,035 on the hourly chart of ETH/USD. The first major resistance is near the $3,100 level and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The next major resistance is at USD 3,200, above which the price could rise towards the USD 3,280 level. A close above the USD 3,280 resistance could send the price towards the USD 3,500 pivot level. If there is a move above the USD 3,500 resistance, Ethereum could even climb towards the USD 3,650 resistance in the coming sessions.
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 USD 3,000 level. The first major support is near the $2,900 zone.
The next major support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the USD 2,820 support could send the price towards USD 2,600. 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 – $2,900
Major resistance level – $3,100
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.