Ethereum Price Consolidates Below $3,120 Amid Resistance Challenges
Ethereum price is struggling to maintain gains above the $3,220 resistance and is approaching the $3,060 support level.
- Ethereum is consolidating with challenges near $3,200.
- The price is below $3,120 and the 100-hourly Simple Moving Average.
- A bullish trend line supports at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- A fresh increase may occur if it surpasses the $3,120 resistance.
Ethereum Price Dips Again
Ethereum attempted to break above the $3,220 resistance but failed, unlike Bitcoin. The price declined below $3,150 and $3,120 support levels.
The price fell below $3,100, testing $3,070, forming a low at $3,069. Currently, it is consolidating after testing the 23.6% Fibonacci retracement level from the recent decline between the $3,224 swing high and the $3,069 low.
Ethereum is trading under $3,120 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $3,070 on the hourly chart.
On the upside, Ethereum faces hurdles near $3,120. The first major resistance is around $3,150 or the 50% Fibonacci retracement level of the recent decline. The main resistance is near $3,220.
A clear move above the $3,220 resistance could lead the price toward $3,350. An upward break past $3,350 might result in further gains, potentially targeting the $3,500 resistance zone.
More Losses In ETH?
If Ethereum does not surpass the $3,150 resistance, another decline may ensue. Initial support is near the $3,060 level or the trend line, with major support around the $3,000 zone.
A drop below the $3,000 support could push the price down to $2,880. Further losses might bring the price to $2,740, with the next key support at $2,650.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is below the 50 zone.
Major Support Level: $3,060
Major Resistance Level: $3,150