Ethereum price is struggling below the $3,030 resistance. ETH is consolidating and might start a downside correction below the $2,930 support.
Ethereum struggled to stay above the $3,000 level and corrected lower.
The price is trading above $2,930 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a clear move below $2,930.
Ethereum Price Hits Support
Ethereum price made another attempt to gain pace above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,036 and the price started a downside correction, like Bitcoin.
There was a move below the $3,000 and $2,980 levels. The price spiked below the 50% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high. However, the bulls are now active near the $2,940 level.
Ethereum is now trading above $2,930 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD. The trend line is close to the 100-hourly Simple Moving Average and the 61.8% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high.
Source: ETHUSD on TradingView.com
Immediate resistance on the upside is near the $2,980 level. The first major resistance is near the $3,000 level. The next major resistance is near $3,035, above which the price might rise and test the $3,080 resistance zone. If there is a move above the $3,080 resistance, Ether could even rally toward the $3,200 resistance. Any more gains might call for a test of $3,250.
More Losses In ETH?
If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near the $2,930 level and the 100-hourly Simple Moving Average.
The first major support is near the $2,865 level. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,720. Any more losses might send the price toward the $2,550 level in the coming days.
Technical Indicators
Hourly MACD – The MACD 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 – $2,865
Major Resistance Level – $3,000
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