Ethereum price started a small recovery wave after falling to the $2,920 zone. ETH is rising and may encounter hurdles near the $3,240 zone.
- Ethereum started a small recovery wave from the $2,920 zone.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a new rise above the USD 3,200 resistance level.
Ethereum price attempts recovery
The Ethereum price failed to rise above $3,250 and extended losses just like Bitcoin. ETH fell below the USD 3,120 and USD 3,000 support levels. There was a break below a connecting bullish trendline with support at $3,240 on the hourly chart of ETH/USD.
The pair even dipped below $2,950. A low was formed at $2,920 and the price is now trying to make a recovery wave. There was a move above the USD 3,000 and USD 3,050 resistance levels. The price reached the 50% Fib retracement level of the downward move from the $3,335 swing high to the $2,920 low.
However, the bears are active below the USD 3,200 and USD 3,220 levels. 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 3,175 level. It is close to the 61.8% Fib retracement level of the downward move from the $3,335 swing high to the $2,920 low. The first major resistance is around the $3,200 level.
The main resistance is now forming around $3,240. A clear move above the USD 3,240 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 3,450 or even USD 3,500 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,200 resistance, it could trigger another decline. The initial downside support is near the $3,120 level. The first major support is around $3,050.
A clear move below the USD 3,050 support could push the price towards the USD 3,000 support. 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 above the 50 zone.
Major support level – $3,120
Major resistance level – $3,240
