Ethereum fell to $ 2,930 before correcting higher against the US dollar. ETH price is rising and a closing price above USD 3,200 could trigger a strong rebound.
- Ethereum extended the decline and broke the $ 3,000 support zone.
- The price is trading below $ 3,200 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a large bearish trendline with resistance near $ 3,110.
- The pair could start a big rally if it closes above $ 3,200.
Ethereum price looks steady recovery
Ethereum failed to climb above $ 3,200 and prolonged its decline. ETH sank below the $ 3,050 and $ 3,000 support levels to move further into a bearish zone.
The price rose towards $ 2,920 and traded as low as $ 2,931. Recently there has been a sharp upward correction above the $ 3,000 and $ 3,050 levels. Also, the ETH / USD hourly chart broke through a large bearish trendline with resistance near $ 3,110.
Ether price hovered above the 61.8% Fib retracement level of the downward move from the high of $ 3,210 to the low of $ 2,931. It is now consolidating above the $ 3,100 mark.
On the flip side, immediate resistance is near the $ 3,145 mark. It is near the 76.4% Fib retracement level of the downward move from the high of $ 3,210 to the low of $ 2,931. The next major resistance is near the $ 3,200 level and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
A sharp break above the $ 3,200 mark could trigger a decent rally. The next major resistance is near $ 3,300. Further gains could push the price to the $ 3,420 level in the short term.
New decline of ETH?
If Ethereum doesn’t start another surge above the $ 3,200 mark, it could see another decline. Initial downside support is near the $ 3,060 mark.
The first major support is now forming near the $ 3,000 mark. A break below $ 3,000 could put the bulls under heavy pressure. In the named case, there is a risk of a new monthly low below the USD 2,931 level.
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is above the 50 mark.
Great level of support – $ 3,060
Great resistance level – $ 3,200