Ethereum price surged above the $3,000 resistance level before the downtrend began. ETH is correcting its uptrend, but the decline may be limited below the $2,865 support.
- Ethereum adjusted lower after struggling to stay above the $3,000 level.
- The price is trading above $2,900 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 $2,950.
- Unless the bears push the price below $2,865, the pair could start a new rally.
Ethereum price is lower
Ethereum price continued its upward trend above the $3,000 resistance zone. However, bears remained active above the $3,000 resistance. A new multi-week high was formed near $3,032 and the price began a downward correction like Bitcoin.
It moved below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low was formed around $2,865 and the price is currently attempting a new rise. There was recent movement above the 50% Fib retracement level from the $3,032 swing high to the $2,865 low.
Ethereum is currently trading above $2,900 and the 100-hour simple moving average. Immediate upside resistance is near the $2,950 level. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance at $2,950.
The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.
Source: ETHUSD on TradingView.com
The next major resistance is near $3,000, above which the price could rise to test the $3,065 resistance area. A move above the $3,065 resistance may lead to a rebound for Ethereum towards the $3,185 resistance. A test of $3,220 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,975 resistance, another downward correction could begin. Initial support on the downside is near the $2,900 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 $2,740. More losses could push the price towards the $2,720 level in the next session.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now close to the 50 level.
Key Support Level – $2,900
Key Resistance Level – $2,975
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