Ethereum’s price initiated a downward correction below the $3,250 threshold and is currently consolidating around the $3,000 mark, eyeing a potential upward movement. Initially, Ethereum experienced a short-term dip beneath the $3,250 level, trading above $3,200 and supported by the 100-hourly Simple Moving Average.
A bearish trend line, presenting resistance at $3,185, has formed on the hourly chart of ETH/USD, following a data feed from Kraken. If Ethereum maintains stability above the $3,000 zone, it might gear up for a fresh increase. Following a missed extension beyond the $3,450 zone, Ethereum began a downward correction akin to Bitcoin, falling below the $3,320 and $3,250 support marks.
The decline continued past the $3,120 area, testing the $3,000 support zone with a low forming at $3,031. Currently, Ethereum is consolidating its losses and may soon test the 23.6% Fibonacci retracement level derived from the recent drop from the $3,340 high to the $3,031 low.
Ethereum is trading below $3,200 and its 100-hourly Simple Moving Average. On the positive side, it faces resistance near the $3,120 level. The initial significant resistance is seen around $3,200. In addition, a bearish trend line forms a resistance at $3,185 on the hourly chart of ETH/USD. Major resistance now lies near $3,265, aligning with the 76.4% Fibonacci retracement level from the recent decline from the $3,340 high to the $3,031 low.
A decisive move above the $3,265 resistance could propel the price toward the $3,320 resistance. Breaking this level might trigger further gains in the subsequent sessions, potentially driving Ether towards the $3,450 resistance zone.
Conversely, should Ethereum fail to overcome the $3,200 resistance, it may continue its downward trajectory. Initial support on this path appears near the $3,040 level, with primary support at the $3,000 zone. A clear drop below $3,000 might push the price down to $2,950, with further declines potentially targeting the $2,880 support level shortly. The next crucial support zone is at $2,740.
Technical indicators show the Hourly MACD for ETH/USD losing momentum within the bearish territory, and the Hourly RSI is now below the 50 mark. Major support is positioned at $3,040, while primary resistance rests at $3,200.
