Ethereum price struggled to extend gains above the USD 3,220 resistance zone. ETH is slowly moving lower and approaching the support at $3,060.
- Ethereum is consolidating and facing hurdles around $3,200.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it breaks the $3,120 resistance zone.
Ethereum price drops again
Ethereum price tried to make an upside break above the USD 3,220 resistance but failed unlike Bitcoin. ETH started a fresh decline below the USD 3,150 and USD 3,120 support levels.
There was a move below USD 3,100 and the price tested USD 3,070. A low is formed at $3,069 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low.
Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. However, a connecting bullish trendline is forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,120 level. The first major resistance is near the $3,150 level or the 50% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 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 3,350 resistance. An upside break above the USD 3,350 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,500 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near the $3,060 level or the trendline. The first major support is near the $3,000 zone.
A clear move below the USD 3,000 support could push the price towards USD 2,880. Any further losses could send the price towards the USD 2,740 support level in the near term. The next major support is at USD 2,650.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,060
Major resistance level – $3,150