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The Ethereum price is currently undergoing a correction after facing resistance at the $3,220 mark. This correction has led to a decline below $3,100 and the 100-hourly Simple Moving Average. A key bearish trend line has formed with resistance at $3,055 on the hourly chart of ETH/USD.
In order to initiate a fresh increase, Ethereum must clear the $3,055 and $3,080 resistance levels. The cryptocurrency needs to stay above the $3,000 support level to make a move towards $3,220 once again.
The recent drop in Ethereum price led to a low of $3,005, followed by a consolidation phase. The immediate resistance is around $3,050, with the next resistance at $3,080 or the 100-hourly Simple Moving Average. If the price manages to surpass these levels, it could rally towards $3,200 and potentially test the $3,350 resistance.
However, if Ethereum fails to overcome the $3,055 resistance, it may see further losses. The initial support lies at $3,000, followed by the $2,950 zone and $2,920 level. A break below $2,920 could lead to a drop towards $2,840, and potentially even $2,720 in the near future.
Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is currently below the 50 level. The major support level is at $3,000, with the major resistance level at $3,080.
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Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
