Ethereum price has started a downward correction below the $3,250 zone. ETH is currently consolidating near $3,000 and may be tempted to make a recent surge.

• Ethereum has begun a short-term downside correction below the $3,250 zone.
• The price is above $3,200 and the 100-hour plain moving average.
• A connecting bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $3,185.
• The pair could start a recent rally if it remains stable above the $3,000 zone.

Ethereum price hits support

Ethereum price failed to extend gains above the $3,450 zone and began a downward correction, just like Bitcoin. ETH fell below the $3,320 and $3,250 support levels.

The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. The lowest level was $3,031 and the price is currently consolidating losses. It may soon test the 23.6% Fib retracement level on the recent decline from a high of $3,340 to a low of $3,031.

Ethereum price is currently trading below $3,200 and the 100-hour plain moving average. On the downside, the price seems to be facing headwinds near the $3,120 level.

The first major resistance is near the $3,200 level. A connecting bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $3,185. Major resistance is currently forming near $3,265, or 76.4% of the Fib retracement level from the recent decline from a high of $3,340 to a low of $3,031.

A clear move above the resistance at $3,265 could push the price towards the resistance at $3,320. An upward break above the resistance at $3,320 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,450.

More ETH losses?

If Ethereum does not break the resistance at $3,200, it may continue to decline. Initial downside support is near the $3,040 level. The first major support is located near the $3,000 zone.

A clear move below the support at $3,000 could push the price towards $2,950. Any further losses could push the price towards the $2,880 support level in the near future. The next key support is at $2,740.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 3,040

Major resistance level – $3,200