Ethereum Price Faces Resistance Near $3,250 After Recent Correction
Ethereum price is undergoing a downside correction from the $3,450 zone, currently consolidating and facing resistance near $3,250.
- ETH began a short-term downside correction from $3,450.
- The price remains above $3,120 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3,240 on the ETH/USD hourly chart (data feed via Kraken).
- If stable above $3,120, the pair could continue to rise.
Ethereum Price Hits Support
Ethereum's price recently increased above the $3,120 resistance. It climbed past $3,220 and $3,320 to enter a positive zone, eventually surpassing $3,400 and reaching a new monthly high of $3,445 before experiencing a minor pullback. The price then dipped below $3,320 and $3,250, forming a low at $3,124 and is now consolidating.
Currently, Ethereum is trading above $3,120 and the 100-hourly Simple Moving Average. Resistance is observed near $3,230, which aligns with the 50% Fibonacci retracement level from the recent decline between the $3,340 swing high and the $3,124 low. The first significant resistance is at $3,260, with main resistance forming near $3,320. A clear move above $3,320 could lead to a target of $3,450.
An upward break above $3,450 may indicate further gains, potentially targeting the $3,550 resistance zone.
More Losses In ETH?
If Ethereum cannot surpass the $3,250 resistance, it may begin a downside correction. Initial support is near the $3,150 level, with major support at $3,120. A drop below $3,120 could push the price toward $3,050, while further losses may lead to a test of the $3,000 support level, with the next key support at $2,880.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is below the 50 zone.
Major Support Level: $3,120
Major Resistance Level: $3,250