Ethereum price extended its recovery above the $3,120 area. ETH failed to break above the $3,220 resistance level and is currently paring gains.
- Ethereum rose well above the $3,150 and $3,200 levels before a downward trend took place.
- The price is trading below $3,120 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,120.
- The pair would need to hold above the $3,020 support to initiate another hike towards $3,220.
Ethereum price falls again
The price of Ethereum, like Bitcoin, has risen well above the $3,150 and $3,200 levels. ETH tested the $3,220 resistance zone before a downtrend emerged. A high was reached at $3,217 and the price began a downward correction.
There was a move below the $3,150 level. The decline pushed it below the $3,120 support level. Additionally, a break occurred below the main bullish trendline supporting $3,120 on the ETH/USD hourly chart. The two tested the $3,025 zone.
The low was formed at $3,025 and the price is currently consolidating losses. Ethereum is trading below $3,120 and the 100-hour simple moving average. Immediate resistance is near the $3,070 level, i.e. the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The next major resistance level is $3,170, above which the price may gain traction and advance towards the $3,220 level.
Source: ETHUSD on TradingView.com
If the uptrend continues and the price rises above $3,220, it may fall towards the resistance level of $3,350. Further gains could lead Ether towards the $3,500 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,120 resistance, another decline could begin. Initial support for the downside is near the $3,025 level. The first major support is near $3,000.
Key support is near the $2,950 level. A clear break below the $2,950 support could push the price towards $2,820. 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 the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,025
Key Resistance Level – $3,120
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