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Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support.
- Ethereum struggled to stay above the $3,000 level and corrected lower.
- The price is trading above $2,900 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless the bears push the price below $2,865.
Ethereum Price Corrects Lower
Ethereum price extended its rally above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,032 and the price started a downside correction, like Bitcoin.
There was a move below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low is formed near $2,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.
Ethereum is now trading above $2,900 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $2,950 level. There is also a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD.
The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.
Source: ETHUSD on TradingView.com
The next major resistance is near $3,000, above which the price might rise and test the $3,065 resistance zone. If there is a move above the $3,065 resistance, Ether could even rally toward the $3,185 resistance. Any more gains might call for a test of $3,220.
More Losses In ETH?
If Ethereum fails to clear the $2,975 resistance, it could start another downside correction. Initial support on the downside is near the $2,900 level and the 100-hourly Simple Moving Average.
The first major support is near the $2,865 level. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,740. Any more losses might send the price toward the $2,720 level in the coming sessions.
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 near the 50 level.
Major Support Level – $2,900
Major Resistance Level – $2,975
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
