Ethereum price started a new decline below $3.120. ETH is now consolidating and could soon begin a recovery wave above $3,200.
- Ethereum started a downward correction from the $3,250 zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,175 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,050 zone.
Ethereum price falls towards support
The price of Ethereum did not stay above $3,180 and started a new decline, just like Bitcoin. ETH price fell below USD 3,150 and USD 3,120 to enter a short-term bearish zone.
The bears even pushed the price towards $3,000. A low was formed at $3,026 and the price is now trying to recoup some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. Additionally, a bearish trendline is forming with resistance at $3,175 on the hourly chart of ETH/USD.
If another upside move comes, the price could face resistance near the $3,150 level or the 50% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low. The next major resistance is near the $3,180 level and trendline.
The first major resistance is around the $3,200 level. A clear move above the USD 3,200 resistance could send the price towards the USD 3,250 resistance. An upside break above the $3,250 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,320 or even USD 3,400 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 USD 3,080 level. The first major support is near the $3,050 zone.
A clear move below the USD 3,050 support could push the price towards the USD 3,020 support. Any further losses could send the price towards $3,000. The next major support is at $2,940.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,080
Major resistance level – $3,200