Ethereum price is consolidating near the $3,000 zone. ETH could start a decent recovery wave if it clears the $3,100 and $3,200 resistance levels.
- Ethereum is struggling to recover above the $3,100 resistance zone.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if it stays below the $3,100 resistance zone.
Ethereum Price Holds Ground
Ethereum price slowly moved lower after it failed to clear the $3,200 resistance zone. ETH remained in a bearish zone below $3,100 and showed bearish signs, like Bitcoin.
Recently, the bears were able to push the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average.
More Losses In ETH?
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone. The next key support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support might send the price toward $2,600. Any more losses might send the price toward the $2,550 level in the near term.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,900 Major Resistance Level – $3,100
