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Ethereum price started a downward correction below the $3,150 zone. ETH is now consolidating near $3,120 and could attempt another increase.
- Ethereum started a short-term downward correction below the $3,150 zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it holds steady above the $3,040 zone.
Ethereum price looks fresh
Ethereum price failed to start a new increase above the $3,250 zone and started a downward correction like Bitcoin. ETH fell below the USD 3,150 and USD 3,120 support levels.
The bears even pushed the price below the $3,040 zone. It tested the $3,000 support zone. A low was formed at $3,016 and the price is now consolidating losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,120 level. A short-term contracting triangle is also forming with resistance at $3,120 on the hourly chart of ETH/USD.
The first major resistance is near the $3,180 level or the 50% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low. The main resistance is now forming around $3,220.
A clear move above the USD 3,220 resistance could send the price towards the USD 3,320 resistance. An upside break above the USD 3,320 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,450 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could trigger another decline. The initial downside support is near the $3,060 level. The first major support is near the $3,040 zone.
A clear move below the USD 3,040 support could push the price towards USD 2,980. Any further losses could send the price towards the USD 2,920 support level in the near term. The next major support is at $2,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,040
Major resistance level – $3,120
