Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase.
- Ethereum started a downside correction after the bears defended $3,040.
- The price is trading below $2,960 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless there is a close below the $2,925 support.
Ethereum Price Dips Again
Ethereum price started a fresh increase above the $2,950 and $2,960 levels, like Bitcoin. ETH even cleared the $3,000 level before the bears appeared near $3,040.
A new weekly high was formed at $3,039 and the price recently started a downside correction. There was a move below the $3,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high.
Ethereum is now trading below $2,960 and the 100-hourly Simple Moving Average. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high.
Immediate resistance is near the $2,960 level. There is also a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD.
The first major resistance is near the $3,000 level. An upside break above the $3,000 resistance might send the price higher. The next key resistance sits at $3,050, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $2,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $2,925 level.
The next major support is near the $2,900 zone. A clear move below the $2,900 support might push the price toward $2,850. Any more losses might send the price toward the $2,740 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,925
Major Resistance Level – $2,965
