Ethereum price tested unable to sustain above $3,000 $2,870. ETH is currently trying to recover but is facing resistance near $3,100.
- Ethereum began a new decline after failing to break above $3,050.
- The price is trading below $3,100 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a significant bearish trend line forming resistance at $3,100.
- If it breaks below the $3,000 zone, the pair could continue to fall.
Ethereum price faces hurdles
Ethereum price was unable to continue rising above $3,150 and started a new decline, similar to Bitcoin. ETH price fell below $3,050 and entered the bearish zone.
The decline continued below $3,000, sending the price below $2,950. A low was formed at $2,870 and the price is currently correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the swing high of $3,165 to the low of $2,870.
Ethereum price is currently trading below $3,100 and its 100 hourly simple moving average. If there is another wave of recovery, the price could face resistance near the $3,050 level and the 61.8% Fibo retracement level of the recent decline from the $3,165 high to the $2,870 low.
The next major resistance level is near the $3,100 level. On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance at $3,100. The first major resistance level is near the $3,150 level. A clear break above the $3,150 resistance could push the price towards the $3,200 resistance. A break above the $3,200 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,320 resistance zone and even $3,350 in the short term.
Will you drop ETH again?
If Ethereum fails to break through the resistance at $3,100, a fresh decline could begin. Initial support on the downside is near the $3,000 level. The first major support is located near the $2,940 zone.
A clear move below the $2,940 support could push the price towards the $2,880 support. Any further losses could push the price towards $2,820 in the near term. The next significant support is at $2,750 and $2,740.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,000
High resistance level – $3,100
