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
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