Ethereum price started a fresh decline below $3,120. ETH is now consolidating and might soon aim to start a recovery wave above $3,200.
Ethereum started a downside correction from the $3,250 zone.
The price is trading below $3,200 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,175 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it settles below the $3,050 zone.
Ethereum Price Dips Toward Support
Ethereum price failed to stay above $3,180 and started a fresh decline, like Bitcoin. ETH price dipped below $3,150 and $3,120 to enter a short-term bearish zone.
The bears even pushed the price toward $3,000. A low was formed at $3,026 and the price is now attempting to recover some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance at $3,175 on the hourly chart of ETH/USD.
If there is another upward move, the price could face resistance near the $3,150 level or the 50% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low. The next key resistance is near the $3,180 level and the trend line.
The first major resistance is near the $3,200 level. A clear move above the $3,200 resistance might send the price toward the $3,250 resistance. An upside break above the $3,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,400 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,200 resistance, it could start a fresh decline. Initial support on the downside is near the $3,080 level. The first major support sits near the $3,050 zone.
A clear move below the $3,050 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 region. The next key support sits at $2,940.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,080
Major Resistance Level – $3,200
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