Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price failed to stay above $3,000 and tested $2,870. ETH is now attempting to recover but faces resistance near $3,100.
Ethereum price failed to continue higher above $3,150 and started a fresh decline, like Bitcoin. ETH price dipped below $3,050 and entered a bearish zone.
The decline gathered pace below $3,000 and the price dipped below $2,950. A low was formed at $2,870 and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $3,165 swing high to the $2,870 low.
Ethereum price is now trading below $3,100 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,050 level and the 61.8% Fib retracement level of the recent decline from the $3,165 swing high to the $2,870 low.
The next key resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,100 on the hourly chart of ETH/USD. The first major resistance is near the $3,150 level. A clear move above the $3,150 resistance might send the price toward the $3,200 resistance. An upside break above the $3,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,350 in the near term.
If Ethereum fails to clear the $3,100 resistance, it could start a fresh decline. Initial support on the downside is near the $3,000 level. The first major support sits near the $2,940 zone.
A clear move below the $2,940 support might push the price toward the $2,880 support. Any more losses might send the price toward the $2,820 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 $3,000
Major Resistance Level $3,100