Ethereum price is holding steady around the $3,000 zone. A decent recovery wave could begin if ETH clears the $3,100 and $3,200 resistance levels.
- Ethereum is struggling to recover above the $3,100 resistance zone.
- The price is trading below the 100-hour simple moving average at $3,120.
- On the hourly chart of ETH/USD (data feed via Kraken), a major bearish trend line is forming with resistance at $3,035.
- If the pair breaks below the $3,100 resistance zone, it could start a further decline.
Ethereum price maintains its ground
Ethereum price slowly declined after failing to break out of the $3,200 resistance zone. ETH remained in the bearish zone below $3,100, showing similar signs of weakness as Bitcoin.
Recently, the bears were able to push the price below the $3,000 support zone. However, the bulls were active around the 50% Fib retracement level of the upwave from the swing low of $2,535 to the high of $3,279. Ethereum is currently trading below $3,120 and its 100 hourly simple moving average.
Immediate resistance is near the $3,030 level. On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance at $3,035. The first major resistance is near the $3,100 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance level lies at $3,200, above which the price could rise towards the $3,280 level. If the price closes above the $3,280 resistance, the price could head towards the pivot level at $3,500. A move above the $3,500 resistance could even push Ethereum higher toward the $3,650 resistance in the coming sessions.
Further losses for ETH?
If Ethereum fails to break through the $3,100 resistance, further declines could begin. Initial support on the downside is near the $3,000 level. The first major support is located near the $2,900 zone.
The next key support could be the $2,820 zone, or the 61.8% Fib retracement level of the upwave from $2,535 low to $3,279 high. A clear break below the $2,820 support could push the price towards $2,600. Any further losses could send the price towards 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 currently below the 50 level.
Major Support Level – $2,900
High resistance level – $3,100
