Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly falling and is approaching the support at $3,060.
- Ethereum is consolidating and facing headwinds near $3,200.
- The price is trading below $3,120 and the 100-hour basic moving average.
- A connecting bullish trendline is forming on the hourly chart of ETH/USD (feeding data via Kraken) with support at $3,070.
- The pair could start a recent rally if it clears the resistance zone at $3,120.
Ethereum prices are falling again
Ethereum price attempted to break higher above the resistance at $3,220 but failed unlike Bitcoin. ETH started a recent decline below the $3,150 and $3,120 support levels.
There was a move below $3,100 and the price tested $3,070. The low is formed at $3,069 and the price is currently consolidating. The 23.6% Fib retracement level was tested for the recent decline from a high of $3,224 to a low of $3,069.
Ethereum price is currently trading below $3,120 and the 100-hour basic moving average. However, there is a connecting bullish trendline with support at $3,070 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing some headwinds near the $3,120 level. The first major resistance is located near the $3,150 level or 50% Fib retracement level during the recent decline from a high of $3,224 to a low of $3,069. The main resistance is currently forming near $3,220.
A clear move above the resistance at $3,220 could push the price towards the resistance at $3,350. An upward break above the resistance at $3,350 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,500.
More ETH losses?
If Ethereum fails to break through the resistance at $3,150, another decline could begin. Initial downside support is located near the $3,060 level or trend line. 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 $2,880. Any further losses could push the price towards the $2,740 support level in the near future. The next key support is at $2,650.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Main support level – USD 3,060
Major resistance level – $3,150
