MagCrypto

Ethereum Steadies Above $3K But A Drop Could Be Behind The Corner

Ethereum steadies above $3k but a new drop could be behind the corner with the coin holding gains above the $3000 support against the US dollar as we can see more in our latest Ethereum price news today.

Ethereum steadies now as it is holding gains above the $3000 support and is facing resistance near the $3150 levels. ETH started a downside correction after it failed to stay higher and the price is now recovering above $3100 and the 100 hourly simple moving average. There’s also a major bearish trend line forming with the resistance at $3150 on the hourly chart of the ETH/USD pair which could start afresh decline unless it surpasses the main $3180 resistance zone.

ETH weekly
ETH 7-Day Price Chart, Source: Coingecko

Ethereum struggled to stay above the $3200 level and started a new decline similar to BTC, ETH as the price broke the $3180 support level and the 100 hourly simple moving average to go into the short-term bearish zone. The price broke the $3100 level and spike below it with a new low forming near $2980 before the price started a decent recovery which it climbed above the $3050 resistance level and reclaiming the 100 hourly simple moving average.

There was another break at the 23.6% fib retracement level from the decline at $3280 high to the $2980 low. ETH however is facing a strogn resistance near the $3150 level and there’s also a major bearish trend line forming with the resistance near $3140 on the hourly charts of the pair. The trend line is close to the 50% fib retracement level from the decline of the $3280 high to $2980 low with the main resistance forming near $3180 level. Breaking above these levels could start a fresh increase with the next key resistance could be near the $3250 level above which the price could rise towards the $3350 resistance. If Ethereum fails to continue higher above the $3150 resistance, it could start a new decline and the immediate support on the downside is set to the $3080 level.

ethusd
Source ETHUSD on TradingView.com

The first key support is close to the $3020 level with the main one forming near $3000 and the downside break below this zone could spark a new decline and the next major support could be $2880. The hourly MACD for the pair is moving into the bullish zone with the RSI for the pair above the 50 level.

Go to Source
Author: Stefan