Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the $3,220 resistance and is currently trimming gains.
- Ethereum climbed further above the $3,150 and $3,200 levels before the bears appeared.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $3,020 support to start another increase toward $3,220.
Ethereum Price Dips Again
Ethereum price climbed further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downside correction.
There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Besides, there was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 zone.
More Losses In ETH?
If Ethereum fails to clear the $3,120 resistance, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 zone.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,025 Major Resistance Level – $3,120