Ethereum price extended its recovery wave above the $3,120 zone. ETH has failed to break above the $3,220 resistance level and is currently paring its gains.
- Ethereum further climbed above the $3,150 and $3,200 levels before the bear appeared.
- 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), the pair has broken below the key bullish trendline with support at $3,120.
- The pair has to break above the support at $3,020 to initiate a further move towards $3,220.
Ethereum price falls again
Ethereum price, similar to Bitcoin, has further climbed above the $3,150 and $3,200 levels. ETH tested the $3,220 resistance zone before the bears emerged. A high was formed at $3,217 and the price began a downward correction.
There was a move below the $3,150 level. The bears fell below the support at $3,120. Furthermore, the ETH/USD pair broke below the main bullish trend line with support at $3,120 on the hourly chart. The pair tested the $3,025 zone.
A low was formed at $3,025 and the price is currently consolidating losses. Ethereum is trading below $3,120 and its 100-hour simple moving average. Immediate resistance lies near the $3,070 level, or the 23.6% Fib retracement level of the recent decline from a high of $3,217 to a low of $3,025.
The first major resistance is near the $3,120 level, or the 50% fibritracement level of the recent swing high $3,217 to $3,025 low. The next major resistance lies at $3,170, above which the price could gain momentum and move towards the $3,220 level.
Source: ETHUSD on TradingView.com
If the bulls continue their action and push the price above $3,220, it could head towards the resistance level at $3,350. Any further rally could send Ether heading toward the $3,500 resistance zone.
Further losses for ETH?
If Ethereum fails to break through the resistance at $3,120, further declines could begin. The first support on the downside is near the $3,025 level. The first major support is located near the $3,000 zone.
The main support is around the $2,950 level. A clear move below the $2,950 support could push the price towards $2,820. Any further losses could send the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $3,025
Major Resistance Level – $3,120
