Ethereum price is struggling below the $3,030 resistance. ETH is consolidating and could start a downward 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.
- A key bullish trend line is forming with support at $2,930 on the hourly chart of ETH/USD (data via Kraken).
- The pair could start a new rise unless there is a clear move below $2,930.
Ethereum price reaches 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 forms near $3,036 and the price started a downward correction, like Bitcoin.
There was a move below the $3,000 and $2,980 levels. The price shot below the 50% Fibonacci retracement level of the upward move from the low of $2,865 to the high of $3,036. 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 near the 100 hourly simple moving average and the 61.8% Fibonacci retracement level of the upward move from the low of $2,865 to the high of $3,036.
Source: ETHUSD on TradingView.com
The 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 could rise and test the $3,080 resistance zone. If there is a move above the $3,080 resistance, Ether could even rise towards the $3,200 resistance. Any additional winnings could require a test of $3,250.
More losses on ETH?
If Ethereum fails to overcome the $3,000 resistance, it could continue 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 area. A clear move below the $2,820 support could send the price towards $2,720. Any further losses could send the price towards the $2,550 level in the coming days.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,865
Main resistance level: $3,000
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