Ethereum found support at $ 3,080 and rebounded against the US dollar. ETH price is now struggling to cross the $ 3,200 resistance and 100 hour SMA.
- Ethereum found support near USD 3,080 and started a new bullish move.
- The price is now encountering resistance near $ 3,200 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke below a short-term ascending channel with support near USD 3,210.
- The pair could continue to decline if it does not stay above the USD 3,150 support zone.
Ethereum price fails near $ 3,200
Ethereum extended its decline below $ 3,120, but the bulls were active near $ 3,075 and $ 3,080. ETH price traded as low as $ 3,078 and recently began an upward correction, similar to Bitcoin.
There was a break above the USD 3,120 and USD 3,150 resistance levels. Ether exceeded the 23.6% fib retracement level of the main decline from the high of $ 3,380 to the low of $ 3,078. The price even surged above the $ 3,200 resistance of the 100-hour simple moving average.
However, the price did not stay above $ 3,200. It was rejected near the 50% fib retracement level of the main decline from the $ 3,380 swing high to the $ 3,078 low. There is also a possible inverse head and shoulders pattern with support near $ 3,150.
Source: ETHUSD on TradingView.com
On the flip side, initial resistance is near the $ 3,200 level. The main resistance is now forming near $ 3,220 and the 100-hour simple moving average. A significant break above the USD 3,220 resistance could open the doors for a steady rise. The next major resistance is now forming near $ 3,300. Further gains could potentially require a move towards the $ 3,380 level in the near future.
More losses in ETH?
Unless Ethereum continues above the USD 3,200 and USD 3,220 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 3,150 level.
The next big support is now forming near the USD 3,120 zone. A break below the USD 3,120 support zone could accelerate losses. In the case mentioned, the price can potentially drop towards the $ 3,080 zone or even $ 3,020.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is still below the 50 mark.
Large support tier – $ 3,130
Great resistance level – $ 3,220