ethereum price is still consolidating near the $3,000 zone. eth could start a steady rise if the bulls push the price above the $3,100 resistance.
- ethereum is still struggling to recover above the $3,100 resistance zone.
- The price is trading below $3100 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,070 on the hourly chart of eth/USD (data via Kraken).
- The pair could accelerate lower if it closes below the $2,850 support zone.
ethereum price consolidates
ethereum price attempted another wave of recovery and remained stable above the $3,000 level. However, the bears defended the $3,100 resistance zone, like bitcoin.
There was another drop below $3,000. The price even spiked below the $2,900 support. A low was formed at $2,867 and the price is now recovering from the losses. It rose above the 23.6% Fibonacci retracement level of the downward move from the high of $3,278 to the low of $2,867.
ethereum is still trading below $3,100 and the 100 hourly simple moving average. The immediate resistance is near the $3,020 level. The first major resistance is near the $3,070 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance at $3,070 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the downward move from the high of $3,278 to the low of $2,867. The next key resistance lies at $3,120, above which the price could rise towards the $3,200 level.
<img class="alignnone size-full wp-image-603973" src="https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png" alt="ethereum Price” srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-faces-a-crucial-test-will-2850-withstand-the.png?w=1140 1140w” />
Fountain: ETHUSD on TradingView.com
The main resistance to the downtrend is located at $3,280. A close above the $3,280 resistance could send the price towards the $3,350 pivot level. If there is a move above the $3,350 resistance, ethereum could even rally towards the $3,550 resistance.
More losses on eth?
If ethereum fails to overcome the $3,100 resistance, it could start another decline. Initial support on the downside is near the $2,920 level. The first major support is near the $2,850 area.
A clear move below the $2,850 support could send the price towards $2,620. Any further losses could send the price towards the $2,550 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,850
Main resistance level: $3,100
