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Ethereum Took A Hit And The $3K Price Level Could Soon Be Tested

Ethereum took a hit and the $3K price level could soon be tested again in today’s latest Ethereum news we are reading more how.

The ETH price could extend the decline towards $3000 in the near-term as the coin started a new decline as it faced rejection close to the $3280 and the $3300 level. The price is now trading below these levels and the 100 hourly simple moving average. There’s a major bearish trendline forming with the resistance near $3320 on the charts of the pair and the pair could extend the decline to $3000 if it trades below this support line. Ethereum tried to hit an upside correction above the $3220 level and eTH moved above the $3250 level but the bears stopped it at the $3300 level.

eth price
ETH 24-hour Price Chart (Source: Coingecko)

The new high was formed close to $3307 and the price started a new decline there was a clear move below the $3250 and the $3220 support levels but ETH could trade below the connecting bullish trendline with the support near $3220 on the charts. It is now trading below $3200 and the 100 hourly simple moving average with a new low formed close to $3154 and the price consolidated the losses. On the upside, the initial resistance is set at the $3190 level and it is near the 23.6% fib retracement level from the decline of $3307 high to $3154 low with the next major resistance being set at the $3235 level.

The 50% fib retracement level from the recent decline of the $3307 swing high to the $3154 low and it neared $3235. the main resistance is close to the $3260 level and the 100 hourly simple moving average but there’s also a major bearish trend line forming with the resistance near $3320 on the hourly charts of the pair. Ethereum took a hit but a clear move above the $3260 resistance and the trend line could start a  new increase and in this case, the price could climb above the $3300 zone.

ethusd
Source ETHUSD on TradingView.com

If ETH fails to start a new increase above the $3260 level, it can continue to move down with the initial support on the downside being ear the $3150 zone. The next major support is close to the $3120 level and if there’s a downside break below this zone, the price can resume the decline and the price could even drop below $3000. the hourly MACD of the pair is gaining pace in the bearish zone and the hourly RSI for the pair is below the 50 levels. The major resistance level is set at $3260 and the support one at $3150.

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Author: Stefan

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