Ethereum Price Consolidates Around $3,000 After Downside Correction
Ethereum price began a correction below the $3,250 zone. ETH is currently consolidating near $3,000 and may attempt an increase.
- Ethereum initiated a short-term downside correction below the $3,250 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above the $3,000 zone.
Ethereum Price Hits Support
Ethereum price failed to extend gains above the $3,450 zone, initiating a correction similar to Bitcoin. ETH declined below the $3,320 and $3,250 support levels.
Bears pushed the price below the $3,120 zone, testing the $3,000 support zone. A low was formed at $3,031, and the price is now consolidating losses, potentially testing the 23.6% Fib retracement level of the decline from the $3,340 swing high to the $3,031 low.
Currently, Ethereum trades below $3,200 and the 100-hourly Simple Moving Average, facing hurdles near the $3,120 level.
The first major resistance is near $3,200, accompanied by a bearish trend line at $3,185. Main resistance is forming near $3,265 or the 76.4% Fib retracement level of the recent decline.
A move above the $3,265 resistance may push the price toward $3,320. An upside break above $3,320 could lead to further gains, potentially reaching the $3,450 resistance zone.
More Losses In ETH?
If Ethereum fails to surpass the $3,200 resistance, it may continue downward. Initial support is near $3,040, with major support at the $3,000 zone.
A drop below $3,000 may lead the price toward $2,950, and further losses could push it to $2,880. The next key support is at $2,740.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is below the 50 zone.
Major Support Level: $3,040
Major Resistance Level: $3,200