Ethereum price began a downward correction in the $3,150 area. ETH is holding on to its gains and may start another hike from the $3,000 support.
- Ethereum began a downward correction after the Bears defended $3,150.
- The price is trading above $3,000 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,080.
- Unless the pair closes below the $3,000 support, it could start a new increase.
Ethereum price is holding steady
The price of Ethereum, like Bitcoin, stabilized above the $3,000 level and then showed an upward trend. ETH even cleared the $3,050 level before a downtrend appeared near $3,150. A new weekly high was established at $3,144 and the price recently began a downward correction.
There was a move below the $3,100 level. Ethereum fell below the 23.6% Fib retracement level, rising from the $2,927 swing low to the $3,144 high.
Ethereum is currently trading above $3,000 and the 100-hour simple moving average. Bulls are active near the $3,065 support line and protecting the 50% Fib retracement level from the $2,927 swing low to the $3,144 high.
Immediate resistance is near the $3,080 level. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance at $3,080. The first major resistance is near the $3,150 level. An upside reversal above the $3,150 resistance could push the price higher.
The next major resistance level is $3,200, above which the price may gain traction and advance towards the $3,250 level. A clear move above the $3,250 level could push the price higher to test the $3,320 resistance. Further gains could lead Ether towards the $3,500 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,080 resistance and trend lines, it may continue to fall. Initial support for the downside is near the $3,065 level.
The next major support is near $3,000. A clear move below the $3,000 support could push the price towards $2,980. More losses could push the price towards the $2,860 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,000
Key Resistance Level – $3,080