Ethereum price failed to overcome the USD 3,200 resistance and declined. ETH is now trying to recover and faces a tough task near the $3,180 level.
- Ethereum started a downward correction below USD 3,200 and USD 3,180.
- The price is trading above USD 3,100 and the 100-hourly Simple Moving Average.
- There was a break above a contracting triangle with resistance at $3,125 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $3,080 zone.
Ethereum Price Attempts New Recovery
Ethereum’s price did not hold steady above $3,200 and continued to decline, just like Bitcoin. ETH price fell below USD 3,180 and USD 3,150 and entered a bearish zone for the short term.
The price even fell below $3,080. A low was formed at $3,050, and the price is now trying to make a recovery wave. There was a move above the 23.6% Fib retracement level from the recent decline from the $3,308 swing high to the $3,050 low. Additionally, there was a break above a contracting triangle with resistance at $3,125 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,080 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $3,080, 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 $3,220 level.
A clear move above the USD 3.20 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 $3,110 level. The first major support is near the $3,080 zone.
A clear move below the USD 3,080 support could push the price towards the USD 3,050 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 above the 50 zone.
Major support level – $3,080
Major resistance level – $3,180