Ethereum price failed to break through the resistance level at $3,220 and fell. ETH is currently trying to recover and is facing a difficult challenge near the $3,150 level.
- Ethereum started a downward correction below $3,220 and $3,200.
- The price is trading below the 100-hour simple moving average at $3,180.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke above the bearish trend line connecting with the resistance at $3,100.
- If the pair remains above the $3,050 zone, the pair is likely to continue moving higher.
Ethereum price attempts new rise
Ethereum price failed to maintain stability above $3,220 and fell further, similar to Bitcoin. ETH price fell below $3,200 and $3,120, entering a short-term bearish zone.
At times, the price was below $3,120. A low was formed at $3,050 and the price is currently consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from a swing high of $3,308 to a low of $3,050. Furthermore, on the hourly chart of ETH/USD, the pair broke above the bearish trend line connected to the resistance level at $3,100.
Ethereum price is currently trading below the 100 hourly simple moving average at $3,180. If the bulls can prevent further losses below $3,050, the price could try to move higher. Immediate resistance is seen near the $3,150 level.
The first major resistance is near the $3,180 level and the 50% fibritracement level of the recent decline from the $3,308 swing high to the $3,050 low. The next major resistance level is near the $3,210 level.
A clear break above the $3,210 resistance could send the price heading towards the $3,250 resistance. A break above the $3,250 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,300 resistance zone and even $3,320 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,180 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,080 level. The first major support is located near the $3,050 zone.
A clear move below the $3,050 support could push the price towards the $3,020 support. Any further losses could send the price towards the $3,000 area.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,050
High resistance level – $3,180
