Ethereum′s Price Recovery Faces Major Hurdles.
The Ethereum price has seen a recovery wave, surpassing the $3,120 zone but failing to break the $3,220 resistance level. Currently, the price is trimming gains and trading below $3,120 and the 100-hourly Simple Moving Average. A break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD has occurred, indicating a downside correction.
After climbing above $3,150 and $3,200 levels, Ethereum tested the $3,220 resistance zone before facing selling pressure. The price dropped below $3,120 and the $3,025 support level, forming a low at $3,025. Ethereum is now consolidating losses and trading below the 100-hourly SMA. Immediate resistance is near $3,070, with major resistance at $3,120 and $3,170 levels.
If the bulls manage to push the price above $3,220, Ethereum could target the $3,350 resistance level and potentially reach $3,500. However, failure to clear the $3,120 resistance could lead to another decline. Initial support is at $3,025, with major support at $3,000 and $2,950 levels. A break below $2,950 could push the price towards $2,820 and potentially $2,650 in the near term.
The technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is below the 50 level. The major support level is at $3,025, with the major resistance level at $3,120. Traders are advised to conduct their own research before making any investment decisions, as investing carries risks and information provided should be used at one′s own risk.
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