Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How

Ethereum price is correcting gains from the $3,220 resistance. ETH could start a fresh increase if it clears the $3,055 and $3,080 resistance levels.

  • Ethereum started a fresh decline after it faced resistance near $3,220.
  • The price is trading below $3,100 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $3,000 support to start another increase toward $3,220.

Ethereum Price Revisits $3K

Ethereum price faced resistance at $3,220 and started a downside correction, like Bitcoin. ETH declined below the $3,120 and $3,080 levels. It even tested the $3,000 support.

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A low was formed at $3,005 and the price is now consolidating losses. Ethereum is trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,050 level or the 23.6% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low.

There is also a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD. The first major resistance is near the $3,080 level or the 100-hourly Simple Moving Average.

Source: ETHUSD on

The next key resistance sits at $3,120 or the 61.8% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low, above which the price might gain traction and rise toward the $3,200 level. If there is a clear move above the $3,200 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,055 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone.

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The next support is near the $2,920 level. A clear move below the $2,920 support might push the price toward $2,840. Any more losses might send the price toward the $2,720 level in the near term.

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 level.

Major Support Level – $3,000

Major Resistance Level – $3,080

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Author: Aayush Jindal

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