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ethereum price started a downward correction below the $3,150 zone. eth is now consolidating near $3,120 and could attempt a fresh rise.
- ethereum started a short-term downward correction below the $3,150 zone.
- The price is trading below $3200 and the 100 hourly simple moving average.
- A short-term contracting triangle is forming with resistance at $3,120 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh rise if it remains stable above the $3,040 zone.
ethereum price foresees a new increase
ethereum price failed to start a new rise above the $3,250 zone and began a downward correction like bitcoin. eth fell below the $3,150 and $3,120 support levels.
The bears even pushed the price below the $3,040 zone. Tested the $3,000 support zone. A low was formed at $3,016 and the price is now consolidating losses. It rose above the 23.6% Fibonacci retracement level of the downward move from the high of $3,340 to the low of $3,016.
ethereum price is now trading below $3,200 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,120 level. There is also a short-term contracting triangle forming with resistance at $3,120 on the hourly chart of eth/USD.
The first major resistance is near the $3,180 level or the 50% Fibonacci retracement level of the downward move from the high of $3,340 to the low of $3,016. The main resistance is now forming near $3,220.
A clear move above the $3,220 resistance could send the price towards the $3,320 resistance. A bullish break above the $3,320 resistance could require more gains in the coming sessions. In the given case, Ether could rally towards the $3,450 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,060 level. The first major support lies near the $3,040 area.
A clear move below the $3,040 support could push the price towards $2,980. Any further losses could send the price towards the $2,920 support level in the near term. The next key support lies at $2,880.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Main Support Level: $3,040
Main Resistance Level: $3,120
