Ethereum price extended the recovery wave above the $3,120 area. ETH failed to clear the $3,220 resistance level and is currently paring gains.
- Ethereum price rose further above the $3,150 and $3,200 levels before bears emerged.
- The price is trading below the $3,120 level and the 100 hourly simple moving average.
- There was a breakout below a major uptrend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must remain above the $3,020 support level to start another increase towards $3,220.
Ethereum prices are falling again
Ethereum price rose further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance area before bears emerged. The high was formed at $3,217 and the price started a downward correction.
There was a move below the $3,150 level. The bears pushed it below the $3,120 support level. Moreover, there was a break below the major uptrend line with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 area.
The low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below the $3,120 level and the 100 hourly simple moving average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 swing low.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the high of $3,217 to the low of $3,025. The next major resistance is at $3,170, above which the price could gain momentum and rise towards $3,220 level.
source: ETHUSD on TradingView.com
If the bulls stay in action and push the price above $3,220, there could be a drift towards the $3,350 resistance level. Any further gains could send Ether towards the $3,500 resistance area.
More losses in ETH?
If Ethereum fails to break above the $3,120 resistance level, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 area.
The main support is near the $2,950 level. A clear move below the $2,950 support could push the price towards $2,820. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,025
Major resistance level – $3,120
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