ethereum price extended its recovery wave above the $3,120 zone. eth failed to overcome the $3,220 resistance and is currently paring gains.
- ethereum rose further above the $3,150 and $3,200 levels before the bears emerged.
- The price is trading below $3120 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support at $3,120 on the hourly chart of eth/USD (data via Kraken).
- The pair must hold above the $3,020 support to start another rise towards $3,220.
ethereum price falls again
ethereum price rose further above the $3,150 and $3,200 levels, as did bitcoin. eth tested the $3,220 resistance zone before the bears emerged. A high was formed at $3,217 and the price started a downward correction.
There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Additionally, there was a break below a major uptrend line with support at $3,120 on the hourly chart of eth/USD. The pair tested the $3,025 zone.
A low was formed at $3,025 and the price is now consolidating losses. ethereum is trading below $3,120 and the 100 hourly simple moving average. The immediate resistance is near the $3.070 level or the 23.6% Fibonacci retracement level of the recent decline from the high of $3.217 to the low of $3.025.
The first major resistance is near the $3,120 level or the 50% Fibonacci retracement level of the recent drop from the high of $3,217 to the low of $3,025. The next key resistance lies at $3,170, above which the price could gain traction and rise towards the $3,220 level.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action and push the price above $3,220, there could be a trend towards the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
More losses on eth?
If ethereum fails to overcome the $3,120 resistance, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 zone.
The main support is near the $2,950 level. A clear move below the $2,950 support could push the price towards $2,820. Any further losses could send the price towards the $2,650 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3,025
Main Resistance Level: $3,120
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