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Ethereum price has started a consolidation phase near the $3,000 area. ETH is slowly moving higher and may aim for a new high above $3,220.
- Ethereum is consolidating and facing hurdles near $3,220.
- The price is trading above the $3,150 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new increase if it crosses the $3,220 resistance area.
Ethereum price is facing hurdles
Ethereum price remained supported above the $3,000 level like Bitcoin. ETH formed a base and recently moved above the $3,120 and $3,150 resistance levels.
There was a break above the major downtrend line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even crossed the $3,200 level and tested $3,220. The high was formed at $3,224 before there was a pullback. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low of $3,051 to the swing high of $3,224.
Ethereum price is now trading above $3,150 and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $3,200 level.
The first major resistance is near the $3,220 level. The main resistance is now forming near $3,250. A clear move above the $3,250 resistance could send the price towards the $3,320 resistance. A bullish break above the $3,320 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $3,450 resistance area.
Another drop in ETH?
If Ethereum fails to break above the $3,220 resistance level, it could start another decline. Initial support on the downside is near the $3,140 level or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 swing high. The first major support is near the $3,050 area.
A clear move below the $3,050 support could push the price towards $3,000. Any further losses could send the price towards the $2,940 support level in the near term. The next major support is at $2,880.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,140
Major resistance level – $3,220