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The Ethereum price started a consolidation phase near the $3,000 zone. ETH is slowly rising and could target another surge above $3,220.
- Ethereum is consolidating and facing hurdles around $3,220.
- The price is trading above USD 3,150 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it breaks the $3,220 resistance zone.
Ethereum price faces hurdles
Ethereum price, like Bitcoin, remained supported above the $3,000 level. ETH formed a base and recently climbed above the USD 3,120 and USD 3,150 resistance levels.
There was a break above a key bearish trendline with resistance at $3,130 on the hourly chart of ETH/USD. The pair even breached the USD 3,200 level and tested USD 3,220. A high was formed at $3,224 before a pullback occurred. The price fell below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high.
Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,200 level.
The first major resistance is around the $3,220 level. The main resistance is now forming around $3,250. A clear move above the USD 3,250 resistance could send the price towards the USD 3,320 resistance. An upside break above the USD 3,320 resistance could fuel 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 3,220 resistance, it could trigger another decline. The initial downside support is near the $3,140 level or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high. The first major support is near the $3,050 zone.
A clear move below the USD 3,050 support could push the price towards USD 3,000. Any further losses could send the price towards the USD 2,940 support level in the near term. The next major support is at $2,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,140
Major resistance level – $3,220
