Ethereum price is still consolidating near the $3,000 zone. ETH could start a steady increase if the bulls push the price above the $3,100 resistance.
- Ethereum is still struggling to recover above the $3,100 resistance zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the $2,850 support zone.
Ethereum Price Consolidates
Ethereum price attempted another recovery wave and remained stable above the $3,000 level. However, the bears defended the $3,100 resistance zone, like Bitcoin.
There was another decline below $3,000. The price even spiked below the $2,900 support. A low was formed at $2,867 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.
Ethereum is still trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,070 level and the 100-hourly Simple Moving Average.
There is also a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. The next key resistance sits at $3,120, above which the price might rise toward the $3,200 level.
Source: ETHUSD on TradingView.com
The main downtrend resistance sits at $3,280. A close above the $3,280 resistance could send the price toward the $3,350 pivot level. If there is a move above the $3,350 resistance, Ethereum could even climb toward the $3,550 resistance.
More Losses In ETH?
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $2,920 level. The first major support is near the $2,850 zone.
A clear move below the $2,850 support might send the price toward $2,620. Any more losses might send the price toward the $2,550 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,850
Major Resistance Level – $3,100
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.