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Ethereum price started a downward correction below the $3,250 zone. ETH is now consolidating near $3,000 and could attempt another increase.
- Ethereum started a short-term downward correction below the $3,250 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it holds steady above the $3,000 zone.
Ethereum price reaches support
Ethereum price failed to extend gains above the $3,450 zone and started a downward correction like Bitcoin. ETH fell below the USD 3,320 and USD 3,250 support levels.
The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It could soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.
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 3,120 level.
The first major resistance is around the $3,200 level. A connecting bearish trendline is also forming with resistance at $3,185 on the hourly chart of ETH/USD. Key resistance is now forming near $3,265 or the 76.4% Fib retracement level from the recent decline from the $3,340 swing high to the $3,031 low.
A clear move above the USD 3,265 resistance could send the price towards the USD 3,320 resistance. An upside break above the USD 3,320 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,450 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,200 resistance, it could continue to decline. The initial downside support is near the $3,040 level. 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 2,950. Any further losses could send the price towards the USD 2,880 support level in the near term. The next major support is at $2,740.
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 below the 50 zone.
Major support level – $3,040
Major resistance level – $3,200
