Ethereum surged to $3,300. However, it failed to sustain gains against the US Dollar. The ETH price is correcting the gains and is at risk of falling below $3,030.
- After Ethereum spiked to above $3,270, it began a downward correction.
- The stock price currently trades at $3,100.
- A break was seen below a bullish trend line, with support close to $3,140 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- To avoid any downside breaks in the short term, the pair should remain above $3,030 or $3,020.
Ethereum price remains at risk
Ethereum’s increase surpassed the $3,200 mark. ETH rose above the $3.250 and 100-hourly simple moving average levels. But, bulls didn’t gain strength above $3250.
Near $3,283 was the high and prices began to decline again. A move below $3,200 or $3,150 was seen. On the hourly chart of Ethereum/USD, it was noted that there was an undercutting of a bullish trend line, with support close to $3,140.
This pair fell below $3,100 as well as the hourly simple moving mean of 100 hours. The price even climbed below the $3,000.30 resistance. It has now fallen to $3,005 near the low and is consolidating losses.
It is located near the $3.080 level of resistance. This is close to the 23.6% Fib level of the decline from the $3.283 swing high and low to the $3.005 low. It is close to the $3,120 and 100 hourly SMA levels of resistance.
Source: TradingView.com ETHUSD
Resistance is found near the $3150 mark. This coincides with 50% Fib Retracement of the decline from $3,283 high to $3,000.05 low. Another increase could be possible if the price closes above $3,150. The price of the above mentioned item could rise to $3,220 or $3,250.
Are There More Losses in Ethereum?
It could fall further if ethereum does not see a new increase of more than $3,120, or $3,150. Initial support is close to the $3,000.30 level.
Next major support will be near the $3,000 point. If the downside breaks below the $3,000 mark, the price might move towards the $2950 level. Near the $2,800 support level is the next significant support. Below that, there’s a possibility of a bigger decline.
Indicators of technical importance
Minutely MACD – The MACD is declining in the bearish area for USD/ETH.
Hourly RSI – The RSI is lower than 50 for USD/ETH.
Major Support Level – $3,000
Major Resistance Level – $3,150