Ethereum price is consolidating near $3,000. ETH could begin a significant recovery if it clears the $3,100 and $3,200 resistance levels.
- Ethereum is struggling to recover above the $3,100 resistance zone.
- The price is trading below $3,120 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,035.
- If it stays below the $3,100 resistance zone, the pair could begin another downtrend.
Ethereum price is holding steady
Ethereum price gradually fell after failing to break the $3,200 resistance level. ETH showed the same signs of weakness as Bitcoin, remaining in a bearish zone below $3,100.
The recent decline could push the price below the $3,000 support zone. However, bulls remained active near the 50% Fib retracement level of the bullish wave from the $2,535 swing low to the $3,279 high. Ethereum is currently trading below $3,120 and the 100-hour simple moving average.
Immediate resistance is near the $3,030 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,035. 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 level is $3,200, and a break above this could lead to a rise to the $3,280 level. A close above the $3,280 resistance could lead the price towards the $3,500 pivot level. If there is a move above the $3,500 resistance level, Ethereum may move higher towards the $3,650 resistance level in the next session.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,100 resistance, it could begin another downtrend. Initial support for the downside is near the $3,000 level. The first major support is near the $2,900 area.
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 $2,820 support could lead the price towards $2,600. More losses could push the price towards the $2,550 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,900
Key Resistance Level – $3,100
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