Ethereum
Will the bulls seize the opportunity?
Ethereum price has started a downward correction from the $3,150 area. ETH holds on to its gains and could begin a further increase from the $3,000 support.
- Ethereum began a downward correction after the bears defended $3,150.
- The price is trading above $3,000 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $3,080 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a further rise unless there is a close below the $3,000 support.
Ethereum price holds strong
Ethereum price accelerated after stabilizing above the $3,000 level, as Bitcoin. ETH even crossed the $3,050 level before declines appeared near $3,150. A new weekly high was reached at $3,144 and the price recently started a downward correction.
There was a move below the $3,100 level. Ether fell below the 23.6% Fib retracement level of the upward move from the $2,927 low to $3,144 high.
Ethereum is now trading above $3,000 and the 100-hour simple moving average. The bulls are active near the $3,065 support and protect the 50% Fibonacci retracement level of the upward move from the $2,927 low to $3,144 high.
Immediate resistance is near the $3,080 level. There is also a downtrend line forming with resistance at $3,080 on the ETH/USD hourly chart. The first major resistance is near the $3,150 level. An upside break above the $3,150 resistance could send the price higher.
The next key resistance lies at $3,200, above which the price could gain ground and reach the $3,250 level. If there is a clear move above the $3,250 level, the price could move higher and test the $3,320 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
More losses in ETH?
If Ethereum fails to break above the $3,080 resistance and the trendline, it could continue to decline. Initial support on the downside is near the $3,065 level.
The next major support lies near the $3,000 zone. A clear move below the $3,000 support could push the price towards $2,980. Any further losses could push the price towards the $2,860 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,080