The price of Ethereum plunged more than 10% before an uptrend emerged near $2,550. ETH has surpassed $3,000 again and now faces a number of hurdles near $3,200.
- Ethereum is attempting to recover from the $2,550 support zone.
- The price is trading below $3,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a rising channel with resistance forming at $3,200.
- A stay above the $3,000 support area could provide bullish momentum.
Ethereum Price Eyes Recovery Wave
Ethereum price began to decline significantly from the $3,550 resistance level. ETH fell more than 10% and was trading below the $3,000 support level. It even surged below $2,750 and tested $2,550.
A low was made near $2,537 and the price is currently attempting a Bitcoin-like recovery. The price broke above the resistance levels of $2,800 and $3,000. It has also crossed the 50% Fib retracement level, moving down from the $3,615 swing high to the $2,537 low.
Ethereum is currently trading below $3,250 and the 100-hour simple moving average. Immediate resistance is near the $3,200 level or the 61.8% Fib retracement level of the downward move from the $3,615 swing high to the $2,537 low. There is also a rising channel with resistance at $3,200 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,250 level. The next major resistance level is $3,300, above which the $3,360 level could be tested. The main hurdle could be $3,500, above which Ethereum could show strength. If stated, the price could rise to the $3,620 region. If there is a move above the $3,620 resistance, Ethereum may rise towards the $3,750 resistance.
Another decline in ETH?
If Ethereum fails to clear the $3,250 resistance, another decline could begin. Initial support for the downside is near the $3,080 level.
The first major support is near $3,000. The next major support could be the $2,880 zone. A clear move below the $2,880 support could lead the price towards $2,750. Any more losses could push the price down to the $2,550 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,000
Key Resistance Level – $3,250
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.