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Ethereum price started a downward correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the USD 3,250 resistance.
- Ethereum started a short-term downward correction from the $3,450 zone.
- The price is trading above USD 3,120 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains stable above the $3,120 zone.
Ethereum price reaches support
Ethereum price, like Bitcoin, started to rise again above the USD 3.1200 resistance. ETH was able to climb above the USD 3,220 and USD 3,320 resistance levels to move further into a positive zone.
It even rose above the USD 3,400 level and traded to a new monthly high. It reached a high of $3,445 before a small pullback. The price fell below the USD 3,320 and USD 3,250 support levels. A low was formed at $3,124 and the price is now consolidating.
Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level or the 50% Fib retracement level from the recent decline from the $3,340 swing high to the $3,124 low.
A connecting bearish trendline is also forming with resistance at $3,240 on the hourly chart of ETH/USD. The first major resistance is around the $3,260 level. The main resistance is now forming around $3,320. A clear move above the USD 3,320 resistance could send the price towards the USD 3,450 resistance.
An upside break above the USD 3,450 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,550 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could initiate a downward correction. The initial downside support is near the $3,150 level. The first major support is near the $3,120 zone.
A clear move below the USD 3,120 support could push the price towards USD 3,050. Any further losses could send the price towards the USD 3,000 support level in the near term. The next major support is at $2,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,120
Major resistance level – $3,250
