Ethereum
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Ethereum price corrects gains from the $3,220 resistance. ETH could begin a further rise if it breaks the $3,055 and $3,080 resistance levels.
- Ethereum started a fresh decline after encountering resistance near $3,220.
- The price is trading below $3,100 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $3,055 on the ETH/USD hourly chart (data feed via Kraken).
- The pair must stay above the $3,000 support to begin a further rise towards $3,220.
Ethereum price revisits $3,000
Ethereum price faced resistance at $3,220 and began a downward correction, like Bitcoin. ETH fell below the $3,120 and $3,080 levels. It even tested the $3,000 support.
A low formed at $3,005 and the price is now consolidating its losses. Ethereum is trading below $3,100 and the 100 hourly simple moving average. Immediate resistance is near the $3,050 level or the 23.6% Fibonacci retracement level of the recent decline from the $3,217 high to $3,005 low.
There is also a key downtrend line forming with resistance at $3,055 on the ETH/USD hourly chart. The first major resistance is near the $3,080 level or the 100 hourly simple moving average.
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Source: ETHUSD on TradingView.com
The next key resistance lies at $3,120, the 61.8% Fibonacci retracement level of the recent decline from the $3,217 high to $3,005 low, above which the price could gain further strength. ground and increase towards the $3,200 level. If there is a clear move above the $3,200 level, the price could move higher and test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
More losses in ETH?
If Ethereum fails to clear the $3,055 resistance, it could begin a further decline. Initial downside support is near the $3,000 level. The first major support lies near the $2,950 area.
The next support is near the $2,920 level. A sharp move below the $2,920 support could push the price towards $2,840. Any further losses could push the price towards the $2,720 level in the near term.
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 below the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,080