Ethereum (ETH) Steadies Above $3K, What Could Trigger Fresh Drop

Ethereum is holding gains above the $3,000 support zone against the US Dollar. ETH price is now facing resistance near the $3,150 and $3,180 levels.

  • Ethereum started a downside correction after it failed to stay above $3,200.
  • The price is now recovering above $3,100 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline unless it surpasses the main $3,180 resistance zone.

Ethereum Price is Facing Hurdles

Ethereum struggled to stay above the $3,200 zone and started a fresh decline, similar to bitcoin. ETH price broke the $3,180 support level and the 100 hourly simple moving average to move into a short-term bearish zone.

The price even broke the $3,100 level and spiked below the $3,000 level. A low was formed near $2,980 before the price started a decent recovery. It climbed above the $3,050 resistance level and reclaimed the 100 hourly simple moving average.

There was a break above the 23.6% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. However, ether price is now facing a strong resistance near the $3,150 level.

There is also a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. The main resistance is now forming near the $3,180 level.

Source: ETHUSD on TradingView.com

A clear break and close above the $3,150 and $3,180 resistance levels might start a fresh increase. The next key resistance might be near the $3,250 level, above which the price might rise towards the $3,350 resistance.

Fresh Drop in ETH?

If ethereum fails to continue higher above the $3,150 and $3,180 resistance levels, it could start another decline. An immediate support on the downside is near the $3,080 level.

The first key support is near the $3,020 level. The main support is now forming near $3,000. A downside break below the $3,000 support zone could spark a sharp decline. The next major support could be $2,880.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is back above the 50 level.

Major Support Level – $3,000

Major Resistance Level – $3,180

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

^N225 
$29,068.63  $517.70  1.81%  
SGHIF 
$1.46  $0.0000  0.00%  
^HSIL 
$21.71  $2.36  9.80%  
SZNTF 
$0.2851  $0.0000  0.00%  
KOSPI.KS 
$3,015.06  $26.42  0.88%  
AUS.NZ 
$3.09  $0.0210  0.68%  
^NSEI 
₹ 18,338.55  ₹ 176.80  0.97%  
FCNBCA.FGI 
$10,212.53  $155.00  1.54%  
EURUSD=X 
$1.16  $0.0005  0.05%  
GBPUSD=X 
$1.38  $0.0074  0.54%  
JPY=X 
$114.20  $0.5230  0.46%  
^GSPC 
$4,471.37  $33.11  0.75%  
NDAQ 
$203.02  $2.38  1.19%  
^DJI 
$35,294.76  $382.20  1.09%