Ethereum price started moving downwards from the area of $3,450. ETH is recently ranging and faces resistance near the area of $3,250.
Ethereum started a short term downward correction from the area of $3,450. The price remains above $3,120, which is also above the 100-hourly Simple Moving Average. There is a connecting bearish trend line in place with resistance at $3,240 on the hourly chart of ETH/USD.
If it can hold above the $3,120 zone, then the pair may continue its uptrend.
Ethereum price began a fresh rally above the $3,1200 resistance, similar to Bitcoin. ETH was able to push above the $3,220 and $3,320 resistance levels and progress even more into positive areas.
It climbed up further above the level of $3,400 and traded to the new month’s top. It reached a high of $3,445, after which a minor pullback was witnessed. Price went below the support level of $3,320 and $3,250. A low was formed at $3,124, and the price is consolidating from thereon.
Ethereum’s price is above the $3,120 level and also against the 100-hourly Simple Moving Average. The onside resistance is found around the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low.
There is also a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD. The first major resistance level is near the $3,260 level. The primary resistance is now forming near $3,320. A clear move above the $3,320 resistance could take the price to the $3,450 resistance.
An upward breakout above the $3,450 resistance could lead to further advancement in the following sessions. In the case cited, Ether could push toward the $3,550 resistance area.
More Downside For ETH?
If Ethereum fails to break through the $3,250 resistance, it can trigger a downward correction and impact ETH price prediction. The first support level on the downside is near the $3,150 area. The first major support is close to the $3,120 area.
There is a clear violation below the $3,120 support level, which can push the price to $3,050. Further losses may bring the price to the immediate $3,000 short-term support area. The next significant support lies at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD has dipped into the bearish area and stopped gaining momentum.
Hourly RSI – The RSI for ETH/USD has now entered below the 50 area.
Strong Support Level – $3,120
Major resistance level – $3,250.
