ethereum price is attempting a recovery wave above the $3,125 zone. eth must overcome the $3,200 resistance to continue rising in the near term.
- ethereum extended losses and tested the $3,075 support zone.
- The price is trading below $3180 and the 100 hourly simple moving average.
- A key ascending channel is forming with support at $3,140 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue to decline if it trades below the $3,125 support.
ethereum price faces resistance
ethereum price struggled to recover and extended losses below the $3,100 level. eth traded as low as $3,074 and is currently attempting another recovery wave, just like bitcoin.
There was a small rise above the $3,125 resistance. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the high $3,292 to the low $3,074. However, the bears are active near the $3,200 resistance zone.
ethereum is now trading below $3,180 and the 100 hourly simple moving average. There is also a key ascending channel forming with support at $3,140 on the hourly chart of eth/USD. The immediate resistance is near the $3,180 level and the 100 hourly simple moving average.
The first major resistance is near the $3,200 level or the 61.8% Fibonacci retracement level of the recent decline from the high of $3,292 to the low of $3,074.
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Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,240, above which the price could gain traction and rise towards the $3,280 level. A close above the $3,280 resistance could send the price towards the $3,350 resistance. If there is a move above the $3,350 resistance, ethereum could even test the $3,500 resistance. Any further gains could send Ether towards the $3,550 resistance zone.
More disadvantages in eth?
If ethereum fails to overcome the $3,180 resistance, it could continue down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 area.
The main support is near the $3,030 level. A clear move below the $3,030 support could set the pace for more losses and send the price towards $2,880. Any further losses could send the price towards the $2,750 level in the near term.
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 level.
Main Support Level: $3,125
Main Resistance Level: $3200
