Ethereum was unable to overcome the $3,200 resistance level against the US Dollar. The ETH price has fallen and could retest $2,960 in the short term.
- Ethereum has been struggling to overcome the resistances of $3,190 and 3,200.
- Now, the price has risen to $3,050. The 100 hourly moving average is also above this level.
- A major bullish trendline is emerging with support at $3,060 (data feed via Kraken).
- Failure to hold above USD 3,050 could lead to further losses.
Ethereum price reaches key support
Ethereum tried to break the $3,200 resistance level. ETH was unable to build momentum and set a near-term high at $3,196.
Gains were corrected by Ether and the price of Ether traded below $3,150. Below the 23.6% Fib Retracement level, which was the peak of the upward swing from the $2833 swing low to the $3,196 high, there was an increase. It even fell below $3,000.
The trading is above $3,050, the 100 hourly simple moving mean, however. It is trading at a high of $3,050 as well as the 100-hourly simple moving average.
Source: TradingView.com ETHUSD
Near the $3,100 area is the first major resistance. At the $3.150 level is the initial major resistance. Main resistance lies still at the $3,200 mark. The steady rise could be initiated by a successful close above the $3,200 level. If this is the case, then the price might rise towards $3250. Price could reach $3,320 with any additional gains.
What’s the down side to Ethereum?
If the price of ethereum doesn’t rise above $3,100 and $3,150 it may continue falling. Support for the downside lies near the $3,000.060 level. This is also the 100 hourly simple moving mean and the trendline. Next is the $3,000.020 level.
Also, the Fib retracement of the upward swing from the $2833 swing low down to the $3.196 high is at 50%. The trend line support could be breached and a decline may begin. Next major support will be at the level of $2,960. A move to $2,880 might be required if there are any more losses.
Technical Indicators
Hourly MACD – The MACD of ETH/USD continues to grow in the bearish area.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $3,050
Major Resistance Level – $3,150
