Ethereum price falls below $3,12 and begins a new decline0. ETH is currently consolidating and could soon aim to start a recovery wave above $3,200.
- Ethereum started a downward correction from the $3,250 zone.
- The price is trading below $3,200 and the 100 hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a connecting bearish trend line forming resistance at $3,175.
- If it breaks below the $3,050 zone, the pair could continue to fall.
Ethereum price falls towards support
Ethereum price failed to sustain above $3,180 and a new decline began. Bitcoin. ETH price fell below $3,150 and $3,120, entering a short-term bearish zone.
The bears even pushed the price towards $3,000. A low was formed at $3,026 and the price is currently trying to recover some losses. There was a move above the 23.6% Fib retracement level of the decline from the swing high of $3,273 to the low of $3,026.
Ethereum price is currently trading below $3,200, Simple moving average every 100 hours. Additionally, a bearish trend line has formed on the hourly chart of ETH/USD that connects with the resistance at $3,175.
If there is any further upward movement, the price could face resistance near the $3,150 level or the 50% Fib retracement level of the decline from the swing high of $3,273 to the low of $3,026. The next major resistance is near the $3,180 level and trendline.
The first major resistance level is near the $3,200 level. If there is a clear break above the $3,200 resistance, the price could head towards the $3,250 resistance. A break above the $3,250 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,320 resistance zone and even $3,400 in the short term.
Will ETH fall again?
If Ethereum fails to break out of the $3,200 resistance, a fresh decline could begin. Initial support on the downside is near the $3,080 level. The first major support is located near the $3,050 zone.
A clear move below the $3,050 support could push the price towards the $3,020 support. Any further losses could send the price towards the $3,000 area. The next significant support is at $2,940.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,080
High resistance level – $3,200
