Ethereum price began a recovery in the $2,820 area. ETH is on the rise and is currently facing a major hurdle near the 100-hour simple moving average.
- Ethereum found support at $2,820 and began a recovery.
- The price is trading below $3,050 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $3,000.
- Failure to break the $3,050 resistance level could start a new downtrend for the currency pair.
Ethereum Price Faces Major Hurdle
The price of Ethereum, like Bitcoin, extended losses below the $3,000 level. ETH also tested the $2,820 support zone. The lowest point was reached at $2,813 and the price began to recover.
There was significant movement above the $2,880 and $2,950 resistance levels. Price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Moreover, on the hourly chart of ETH/USD, it has broken a major bearish trendline with resistance at $3,000.
However, the bears are active near the 100-hour simple moving average. Ethereum is currently trading below $3,030 and the 100-hour simple moving average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level.
The next major resistance lies at $3,085 or the 50% Fib retracement level of the downside move from the $3,355 swing high to the $2,813 low, above which the price may gain traction towards the $3,150 level.
Source: ETHUSD on TradingView.com
If the bulls continue to push the price above $3,150, there could be a decline towards the resistance level of $3,250. Further gains could lead Ether towards the $3,350 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $3,050 resistance, another decline could begin. Initial support for the downside is near the $2,940 level. The first major support is near the $2,880 area.
Key support is near the $2,820 level. A clear break below the $2,820 support could push the price towards $2,740. More losses could push the price towards the $2,650 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 now above the 50 level.
Key Support Level – $2,940
Key Resistance Level – $3,050
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