Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the $3,220 resistance and is currently trimming gains.
- Ethereum climbed further above the $3,150 and $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 trend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $3,020 support to start another increase toward $3,220.
Ethereum Price Dips Again
Ethereum price climbed further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downside correction.
There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Besides, there was a break below a major bullish trend line 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 key resistance sits at $3,170, above which the price might gain traction and rise toward the $3,220 level.
Source: ETHUSD on TradingView.com
If the bulls remain in action and push the price above $3,220, there could be a drift toward 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 $3,120 resistance, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 zone.
The main support is near the $2,950 level. A clear move below the $2,950 support might push the price toward $2,820. Any more losses might send the price toward the $2,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – 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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Author: Aayush Jindal
