The Ethereum price failed to stay above $3,050 and was tested $2,950. ETH is now trying to recover but is facing resistance around $3,150.
- Ethereum started a new decline after failing to stay above $3,150.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,065 zone.
The price of Ethereum did not remain above $3,200 and started a new decline, just like Bitcoin. ETH price fell below $3,150 and entered a bearish zone.
The decline accelerated below $3,050 and the price fell below $3,000. A low was formed at $2,941 and the price is now correcting some losses. There was a move above the 50% Fib retracement level from the recent decline from the $3,217 swing high to the $2,941 low.
Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price could face resistance near the $3,150 level and the 76.4% Fib retracement level from the recent decline from the $3,217 swing high to the $2,941 low. There is also a major bearish trendline forming with resistance at $3,150 on the hourly chart of ETH/USD.
The next major resistance is near the $3,220 level. The first major resistance is around the $3,250 level. A clear move above the USD 3,250 resistance could send the price towards the USD 3,320 resistance. An upside break above the $3,320 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,450 or even $3,500 in the short term.
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near the $3,065 level. The first major support is near the $3,020 zone.
A clear move below the USD 3,020 support could push the price towards the USD 2,950 support. Any further losses could send the price towards $2,880 in the near term. The next major support is at USD 2,750 and USD 2,740.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour –
Major resistance level – $3,150