Ethereum is holding gains above the $3,000 support zone against the US Dollar. ETH price is now facing resistance near the $3,150 and $3,180 levels.
- Ethereum started a downside correction after it failed to stay above $3,200.
- The price is now recovering above $3,100 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline unless it surpasses the main $3,180 resistance zone.
Ethereum Price is Facing Hurdles
Ethereum struggled to stay above the $3,200 zone and started a fresh decline, similar to bitcoin. ETH price broke the $3,180 support level and the 100 hourly simple moving average to move into a short-term bearish zone.
The price even broke the $3,100 level and spiked below the $3,000 level. A low was formed near $2,980 before the price started a decent recovery. It climbed above the $3,050 resistance level and reclaimed the 100 hourly simple moving average.
There was a break above the 23.6% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. However, ether price is now facing a strong resistance near the $3,150 level.
There is also a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. The main resistance is now forming near the $3,180 level.
Source: ETHUSD on TradingView.com
A clear break and close above the $3,150 and $3,180 resistance levels might start a fresh increase. The next key resistance might be near the $3,250 level, above which the price might rise towards the $3,350 resistance.
Fresh Drop in ETH?
If ethereum fails to continue higher above the $3,150 and $3,180 resistance levels, it could start another decline. An immediate support on the downside is near the $3,080 level.
The first key support is near the $3,020 level. The main support is now forming near $3,000. A downside break below the $3,000 support zone could spark a sharp decline. The next major support could be $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is back above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,180
Ethereum is holding positive aspects above the $3,000 assist zone towards the US Greenback. ETH worth is now going through resistance close to the $3,150 and $3,180 ranges.
- Ethereum began a draw back correction after it failed to remain above $3,200.
- The worth is now recovering above $3,100 and the 100 hourly easy shifting common.
- There’s a main bearish development line forming with resistance close to $3,140 on the hourly chart of ETH/USD (information feed by way of Kraken).
- The pair may begin a recent decline until it surpasses the principle $3,180 resistance zone.
Ethereum Value is Going through Hurdles
Ethereum struggled to remain above the $3,200 zone and began a recent decline, just like bitcoin. ETH worth broke the $3,180 assist degree and the 100 hourly easy shifting common to maneuver right into a short-term bearish zone.
The worth even broke the $3,100 degree and spiked beneath the $3,000 degree. A low was fashioned close to $2,980 earlier than the worth began an honest restoration. It climbed above the $3,050 resistance degree and reclaimed the 100 hourly easy shifting common.
There was a break above the 23.6% Fib retracement degree of the current decline from the $3,280 excessive to $2,980 low. Nonetheless, ether worth is now going through a powerful resistance close to the $3,150 degree.
There’s additionally a serious bearish development line forming with resistance close to $3,140 on the hourly chart of ETH/USD. The development line is near the 50% Fib retracement degree of the current decline from the $3,280 excessive to $2,980 low. The primary resistance is now forming close to the $3,180 degree.
Supply: ETHUSD on TradingView.com
A transparent break and shut above the $3,150 and $3,180 resistance ranges may begin a recent enhance. The subsequent key resistance is likely to be close to the $3,250 degree, above which the worth may rise in direction of the $3,350 resistance.
Recent Drop in ETH?
If ethereum fails to proceed greater above the $3,150 and $3,180 resistance ranges, it may begin one other decline. A right away assist on the draw back is close to the $3,080 degree.
The primary key assist is close to the $3,020 degree. The primary assist is now forming close to $3,000. A draw back break beneath the $3,000 assist zone may spark a pointy decline. The subsequent main assist may very well be $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly shifting within the bullish zone.
Hourly RSI – The RSI for ETH/USD is again above the 50 degree.
Main Assist Degree – $3,000
Main Resistance Degree – $3,180
