Ethereum price has started a new decline from the $3,000 resistance level. ETH is currently cleaning up its losses and could aim for a recovery if it breaks above $3,120.
Ethereum began to decline again, trading below $2,920. The price is trading below $3,050 and the 100-hour simple moving average. On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken above a major bearish trendline with resistance at $3,000. If the price sustains above the $2,900 zone, a new rally could begin.
Ethereum price tries to recover
Ethereum price failed to maintain stability above $3,050 and a new decline began, similar to Bitcoin. ETH price entered the bearish zone below $3,020 and $3,000.
The bears pushed the price below $2,920. The price finally tested $2,865 and is currently consolidating losses. There was a small rally above the 23.6% Fib retracement level of the recent down move from the swing high of $3,366 to the swing low of $2,865. Furthermore, on the hourly chart of ETH/USD, the pair broke above the major bearish trend line with resistance at $3,000.
Ethereum price is currently trading below $3,050 and its 100 hourly simple moving average. If the bulls can prevent further losses below $2,900, the price could try to move higher.
Immediate resistance is seen near the $3,065 level. The first major resistance level is near the $3,100 level. The next major resistance is around the $3,120 level and the 50% fibritracement level of the recent decline from the $3,366 swing high to the $2,865 swing low. A clear break above the $3,120 resistance could send the price heading towards the $3,175 resistance.
A break above the $3,175 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,220 resistance zone and even $3,300 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,065 resistance level, a fresh decline could begin. The first support on the downside is near the $2,980 level. The first major support is located near the $2,900 zone.
A clear move below the $2,900 support could push the price towards the $2,840 support. Any further losses could send the price towards the $2,780 area. The main support could be at $2,720.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,900
Major Resistance Level – $3,065
