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.
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 TradingView.com
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.
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
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Author: Aayush Jindal
