Market adjusts after recent surge — TradingView News

Ethereum price tested the $3,040 zone and corrected gains. ETH is currently testing the $2,925 support and could aim for a further increase.

• Ethereum began a downward correction after the bears defended $3,040.
• The price is trading below $2,960 and the 100 hourly simple moving average.
• There is a connected downtrend line with resistance at $2,965 on the ETH/USD hourly chart (data feed via Kraken).
• The pair could begin a further rise unless there is a close below the $2,925 support.

Ethereum price falls again

Ethereum price began a further increase above the $2,950 and $2,960 levels, similar to Bitcoin. ETH even crossed the $3,000 level before declines appeared near $3,040.

A new weekly high was reached at $3,039 and the price recently started a downward correction. There was a move below the $3,000 level. Ether fell below the 50% Fib retracement level of the upward move from the $2,860 low to $3,039 high.

Ethereum is now trading below $2,960 and the 100 hourly simple moving average. However, the bulls are active near the $2,925 support and the 61.8% Fibonacci retracement level of the upward move from the $2,860 low to $3,039 high.

Immediate resistance is near the $2,960 level. There is also a downtrend line forming with resistance at $2,965 on the ETH/USD hourly chart.

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The first major resistance is near the $3,000 level. An upside break above the $3,000 resistance could send the price higher. The next key resistance lies at $3,050, above which the price could gain ground and reach the $3,150 level. If there is a clear move above the $3,150 level, the price could move higher and test the $3,220 resistance. Any further gains could send Ether towards the $3,350 resistance zone.

More losses in ETH?

If Ethereum fails to clear the $2,965 resistance and the trendline, it could continue to decline. Initial support on the downside is near the $2,925 level.

The next major support lies near the $2,900 area. A sharp move below the $2,900 support could push the price towards $2,850. Any further losses could push the price towards the $2,740 level in the near term.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,925

Major Resistance Level – $2,965

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