Ethereum price failed to clear the USD 3,220 resistance and declined. ETH is now trying to recover and faces a tough task near the $3,150 level.
- Ethereum started a downward correction below USD 3,220 and USD 3,200.
- The price is trading below $3,180 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $3,050 zone.
Ethereum Price Attempts New Rise
The price of Ethereum failed to hold steady above $3,220 and continued to decline, just like Bitcoin. ETH price fell below USD 3,200 and USD 3,120 and entered a bearish zone for the short term.
The price even fell below $3,120. A low was formed at $3,050, and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to the $3,050 low. Additionally, there was a break above a connecting bearish trendline with resistance at $3,100 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,180 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $3,050, the price could try to rise again. Immediate resistance is seen around the $3,150 level.
The first major resistance is near the $3,180 level and the 50% Fib retracement level of the recent decline from the $3,308 swing high to the $3,050 low. The next major resistance is around the $3,210 level.
A clear move above the USD 3,210 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 3,300 or even USD 3,320 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,180 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.
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 below the 50 zone.
Major support level – $3,050
Major resistance level – $3,180