ethereum price is consolidating near the $3,000 zone. eth could start a decent recovery wave if it breaks the $3,100 and $3,200 resistance levels.
- ethereum is struggling to recover above the $3,100 resistance zone.
- The price is trading below $3120 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance at $3,035 on the hourly chart of eth/USD (data via Kraken).
- The pair could start another decline if it stays below the $3,100 resistance zone.
ethereum price remains firm
ethereum price slowly declined after it failed to break above the $3,200 resistance zone. eth remained in a bearish zone below $3,100 and showed bearish signs, like bitcoin.
Recently, the bears were able to push the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the ascending wave from the low of $2,535 to the high of $3,279. ethereum is now trading below $3,120 and the 100 hourly simple moving average.
The immediate resistance is near the $3,030 level. There is also a major bearish trend line forming with resistance at $3,035 on the hourly chart of eth/USD. The first major resistance is near the $3,100 level and the 100 hourly simple moving average.
<img decoding="async" class="alignnone size-full wp-image-603774" src="https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-price-remains-strong-at-3K-but-will-bulls-be.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,200, above which the price could rise towards the $3,280 level. A close above the $3,280 resistance could send the price towards the $3,500 pivot level. If there is a move above the $3,500 resistance, ethereum could even rally towards the $3,650 resistance in the coming sessions.
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 $3,000 level. The first major support is near the $2,900 zone.
The next key support could be the $2,820 zone or the 61.8% Fibonacci retracement level of the ascending wave from the low of $2,535 to the high of $3,279. A clear move below the $2,820 support could send the price towards $2,600. 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: $2,900
Main resistance level: $3,100
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
