Ethereum price is attempting to recover above the $3,125 area. For ETH to continue rising in the near term, the resistance at $3,200 needs to be cleared.
- Ethereum extended losses and tested the $3,075 support area.
- The price is trading below $3,180 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel forming with support at $3,140.
- The pair could continue to fall if it trades below the $3,125 support.
Ethereum price faces resistance
Ethereum price struggled to recover and extend losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another Bitcoin-like recovery.
There was a slight increase above the $3,125 resistance level. The price recently broke above the 23.6% Fib retracement level of the decline from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.
Ethereum is currently trading below $3,180 and the 100-hour simple moving average. Additionally, a major upward channel has formed with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly simple moving average.
The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent decline from the $3,292 swing high to the $3,074 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,240, above which the price may gain traction towards the $3,280 level. A close above the $3,280 resistance line could cause the price to head towards the $3,350 resistance line. Ethereum may test the $3,500 resistance level if there is a move above the $3,350 resistance level. Further gains could lead Ether towards the $3,550 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear the $3,180 resistance, it may continue to fall. Initial support for the downside is near the $3,125 level. The first major support is near the $3,075 area.
Key support is near the $3,030 level. A clear decline below the $3,030 support could lead to more losses and push the price towards $2,880. More losses could push the price towards the $2,750 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,125
Key Resistance Level – $3,200