Ethereum price started declining again after the USD 3,000 resistance. ETH is now consolidating losses and could aim for a recovery if it clears $3,120.
- Ethereum started to fall again and traded below $2,920.
- The price is trading below $3,050 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,900 zone.
Ethereum price attempts recovery
The price of Ethereum did not remain stable above $3,050 and, like Bitcoin, started a new decline. ETH price fell below USD 3,020 and USD 3,000 to enter a bearish zone.
The bears even pushed the price below $2,920. The price eventually tested USD 2,865 and is currently consolidating losses. There was a small upward move above the 23.6% Fib retracement level from the recent downward move from the $3,366 swing high to the $2,865 swing low. Additionally, there was a break above a key bearish trendline with resistance at $3,000 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,050 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $2,900, the price could try to rise again.
Immediate resistance is seen around the $3,065 level. The first major resistance is near the $3,100 level. The next major resistance is near the $3,120 level and the 50% Fib retracement level of the recent downward move from the $3,366 swing high to the $2,865 swing low. A clear move above the USD 3,120 resistance could send the price towards the USD 3,175 resistance.
An upside break above the $3,175 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,220 or even USD 3,300 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,065 resistance, it could trigger another decline. The initial downside support is near the $2,980 level. The first major support is near the $2,900 zone.
A clear move below the USD 2,900 support could push the price towards the USD 2,840 support. Any further losses could send the price towards $2,780. The main support could be at USD 2,720.
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 – $2,900
Major resistance level – $3,065