Ethereum price started a downside correction from the $3,150 zone. ETH is holding gains and might start another increase from the $3,000 support.
- Ethereum started a downside correction after the bears defended $3,150.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless there is a close below the $3,000 support.
Ethereum Price Remains Steady
Ethereum’s price gained momentum after settling above the $3,000 level, mirroring Bitcoin’s performance. ETH even surpassed the $3,050 level before facing resistance near $3,150. A new weekly high was established at $3,144, but the price recently began a downside correction.
There was a move below the $3,100 level, and Ether dipped below the 23.6% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.
Currently, Ethereum is trading above $3,000 and the 100-hourly Simple Moving Average. Bulls are active near the $3,065 support, protecting the 50% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.
Immediate resistance is near the $3,080 level, where a connecting bearish trend line is also forming on the hourly chart of ETH/USD. The first major resistance is near the $3,150 level. An upside break above this resistance could propel the price higher.
The next key resistance is at $3,200. If the price breaks above this level, it could gain momentum and rise toward $3,250. A clear move above $3,250 might propel the price to test the $3,320 resistance. Further gains could push Ether toward the $3,500 resistance zone.
Could Ethereum Face Further Losses?
If Ethereum fails to surpass the $3,080 resistance and the trend line, it could face further downward movement. Initial support on the downside is around the $3,065 level.
The next significant support is near the $3,000 zone. A decisive break below the $3,000 support might lead the price towards $2,980. Further losses could potentially drive the price towards the $2,860 level in the near term.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD shows waning bullish momentum.
Hourly RSI – The RSI for ETH/USD is now below the 50 level, indicating a bearish sentiment.
Major Support Level – $3,000
Major Resistance Level – $3,080