Ethereum price started a small recovery wave from the $2,865 zone. ETH is now consolidating losses and could aim for a recovery if it clears $3,050.
- Ethereum started a consolidation phase below $3,050.
- The price is trading below $3,040 and the 100-hourly Simple Moving Average.
- There was a break above a contracting triangle with resistance at $2,950 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 aims for recovery
Ethereum’s price failed to hold steady above $3,050 and extended losses, just like Bitcoin. ETH price fell below USD 3,000 and USD 2,920 to enter a bearish zone.
The bears even pushed the price below $2,880. 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 of the downward wave from the $3,365 swing high to the $2,865 swing low.
Additionally, there was a break above a contracting triangle with resistance at $2,950 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,040 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 $3,050 level. The first major resistance is near the $3,110 level or the 50% Fib retracement level of the downward wave from the $3,365 swing high to the $2,865 swing low. The next major resistance is around the $3,175 level. A clear move above the USD 3,175 resistance could send the price towards the USD 3,220 resistance.
An upside break above the $3,220 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,280 or even USD 3,300 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,050 resistance, it could trigger another decline. The initial downside support is near the $2,910 level. The first major support is near the $2,880 zone.
A clear move below the USD 2,880 support could push the price towards the USD 2,865 support. Any further losses could send the price towards $2,820. The main support could be at $2,750.
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 – $2,880
Major resistance level – $3,050