Ethereum Rebounds Modestly While Bulls Struggle Against Overhead Resistance

Ethereum price failed to stay above $3,050 and tested $2,950. ETH is now attempting to recover but faces resistance near $3,150.

Ethereum started a fresh decline after it failed to stay above $3,150.
The price is trading below $3,120 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it settles below the $3,065 zone.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $3,200 and started a fresh decline, like Bitcoin. ETH price dipped below $3,150 and entered a bearish zone.

The decline gathered pace below $3,050 and the price dipped below $3,000. A low was formed at $2,941 and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $2,941 low.

Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,150 level and the 76.4% Fib retracement level of the recent decline from the $3,217 swing high to the $2,941 low. There is also a key bearish trend line forming with resistance at $3,150 on the hourly chart of ETH/USD.

The next key resistance is near the $3,220 level. The first major resistance is near the $3,250 level. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,150 resistance, it could start a fresh decline. Initial support on the downside is near the $3,065 level. The first major support sits near the $3,020 zone.

A clear move below the $3,020 support might push the price toward the $2,950 support. Any more losses might send the price toward the $2,880 region in the near term. The next key support sits at $2,750 and $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,065

Major Resistance Level – $3,150