Ethereum price is struggling below the USD 3,030 resistance. ETH is consolidating and could start a downside correction below the USD 2,930 support.
- Ethereum struggled to stay above the USD 3,000 level and corrected lower.
- The price is trading above USD 2,930 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise unless there is a clear move below $2,930.
Ethereum price reaches support
Ethereum price once again attempted to gain pace above the USD 3,000 resistance zone. However, the bears were active above the USD 3,000 resistance. A new multi-week high is formed near $3,036 and the price started a downward correction just like Bitcoin.
There was a move below the USD 3,000 and USD 2,980 levels. The price peaked below the 50% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high. However, the bulls are now active around the $2,940 level.
Ethereum is now trading above $2,930 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,930 on the hourly chart of ETH/USD. The trendline is close to the 100-hour Simple Moving Average and the 61.8% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high.
Source: ETHUSD on TradingView.com
The immediate resistance on the upside is near the $2,980 level. The first major resistance is around the $3,000 level. The next major resistance is near USD 3,035, above which the price could rise and test the USD 3,080 resistance zone. If there is a move above the USD 3,080 resistance, Ether could even move towards the USD 3,200 resistance. Any gains could require a $3,250 test.
Lose more in ETH?
If Ethereum fails to clear the $3,000 resistance, it could continue to decline. Initial downside support is near the $2,930 level and the 100-hourly Simple Moving Average.
The first major support is near the $2,865 level. The next major support could be the $2,820 zone. A clear move below the USD 2,820 support could send the price towards USD 2,720. Any further losses could send the price towards the USD 2,550 level in the coming days.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,865
Major resistance level – $3,000
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