Ethereum price failed to break the USD 3,160 resistance and fell again. ETH is now consolidating and could make another attempt to surpass $3,200.
- Ethereum started a downward correction below USD 3,180 and USD 3,150.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,085 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 begins consolidation
Ethereum’s price failed to surpass $3,150 and gains have fallen, along with Bitcoin’s. ETH price fell below USD 3,120 and USD 3,120 and entered a bearish zone for the short term.
The last major swing low was formed at $3,050 before the price entered a consolidation phase. There was a small upward move above $3,130, and the 23.6% Fib retracement level from the recent decline from the $3,308 swing high to the $3,050 low.
However, the bears are active around USD 3,150 and USD 3,180. Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. Additionally, a major bullish trendline is forming with support at $3,085 on the hourly chart of ETH/USD.
If the bulls can recoup more losses below $3,080, the price could try to rise again. Immediate resistance is seen near the $3,120 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 $3,200 level. A clear move above the USD 3,200 resistance could send the price towards the USD 3,265 resistance. An upside break above the $3,265 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 3,350 resistance zone in the short term.
Disadvantage of pause in ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near the $3,085 level and the trendline. 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 3,000 support. Any further losses could send the price towards $2,925.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,080
Major resistance level – $3,150