Ethereum price started a fresh increase above $3,050. ETH is now consolidating gains and might aim for more gains if it clears the $3,180 resistance.
- Ethereum started a fresh increase above the $3,020 and $3,050 levels.
- The price is trading above $3,075 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it settles above the $3,180 zone.
Ethereum Price Faces Resistance
Ethereum price managed to stay above $2,950 and started a fresh increase, like Bitcoin. ETH price gained strength for a move above the $3,020 and $3,050 resistance levels.
However, the bears were active below $3,200. A high was formed at $3,179 and the price is now consolidating. There was a minor drop below the 23.6% Fib retracement level of the upward wave from the $2,914 swing low to the $3,179 low.
Ethereum price is now trading above $3,075 and the 100-hourly Simple Moving Average. If there is another upward move, the price could face resistance near the $3,150 level. There is also a short-term contracting triangle forming with resistance at $3,150 on the hourly chart of ETH/USD.
The next key resistance is near the $3,180 level. The first major resistance is near the $3,220 level. A clear move above the $3,220 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
Downside Break In ETH?
If Ethereum fails to clear the $3,180 resistance, it could start a fresh decline. Initial support on the downside is near the $3,080 level. The first major support sits near the $3,015 zone and the 61.8% Fib retracement level of the upward wave from the $2,914 swing low to the $3,179 low.
A clear move below the $3,015 support might push the price toward the $2,975 support. Any more losses might send the price toward the $2,920 region. The next key support sits at $2,840 and $2,820.
Technical Indicators
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 zone.
Major Support Level – $3,015
Major Resistance Level – $3,180
Source: https://www.newsbtc.com/analysis/eth/ethereum-price-cooling-off-3180/