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Ethereum Price Faces Challenges: Will It Find Traction Soon?
Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly moving lower and approaching the $3,060 support.
- Ethereum is consolidating and facing hurdles near $3,200.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,120 resistance zone.
Ethereum Price Dips Again
Ethereum price attempted an upside break above the $3,220 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3,100 and the price tested $3,070. A low is formed at $3,069 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low.
Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. However, there is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,120 level. The first major resistance is near the $3,150 level or the 50% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. The main resistance is now forming near $3,220.
A clear move above the $3,220 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near the $3,060 level or the trend line. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,880. Any more losses might send the price toward the $2,740 support level in the near term. The next key support sits at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,060
Major Resistance Level – $3,150
