Ethereum price is struggling below the $3,030 resistance level. ETH is consolidating and may begin a downward correction below the $2,930 support.
- Ethereum adjusted lower after struggling to stay above the $3,000 level.
- The price is trading above $2,930 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming around support at $2,930.
- Without a clear move below $2,930, the pair could start a new increase.
Ethereum price hit support
Ethereum price made another attempt to break above the $3,000 resistance zone. However, bears remained active above the $3,000 resistance. A new multi-week high was formed near $3,036 and the price began a downward correction like Bitcoin.
There was movement below the $3,000 and $2,980 levels. The price surged below the 50% Fib retracement level, rising from the $2,865 swing low to the $3,036 high. However, bulls are currently active near the $2,940 level.
Ethereum is currently trading above $2,930 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $2,930. The trend line is close to the 100-hour simple moving average and the 61.8% Fib retracement level rising from the $2,865 swing low to the $3,036 high.
Source: ETHUSD on TradingView.com
Immediate upward resistance is near the $2,980 level. The first major resistance is near the $3,000 level. The next major resistance is near $3,035, above which the price could rise to test the $3,080 resistance area. If there is a move above the $3,080 resistance, Ethereum may rebound towards the $3,200 resistance. A test of $3,250 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,000 resistance, it may continue to fall. Initial support on the downside is near the $2,930 level and the 100-hourly simple moving average.
The first major support is near the $2,865 level. The next major support could be the $2,820 zone. A clear move below the $2,820 support could lead the price towards $2,720. If more losses occur, the price could rise to the $2,550 level in the coming days.
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 – $2,865
Key Resistance Level – $3,000
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