Ethereum Price Faces Challenges: Will It Find Traction Soon?
Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly moving lower and approaching the $3,060 support.
- Ethereum is consolidating and facing hurdles near $3,200.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,120 resistance zone.
Ethereum Price Dips Again
Ethereum price attempted an upside break above the $3,220 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3,100 and the price tested $3,070. A low is formed at $3,069 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low.
Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. However, there is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,120 level. The first major resistance is near the $3,150 level or the 50% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. The main resistance is now forming near $3,220.
Source: ETHUSD on TradingView.com
A clear move above the $3,220 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near the $3,060 level or the trend line. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,880. Any more losses might send the price toward the $2,740 support level in the near term. The next key support sits at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,060
Major Resistance Level – $3,150
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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