Ethereum Price Holds Strong At $3K But Can Bulls Clear This Hurdle?

Ethereum worth is consolidating close to the $3,000 zone. ETH might begin an honest restoration wave if it clears the $3,100 and $3,200 resistance ranges.

• Ethereum is struggling to get better above the $3,100 resistance zone.
• The worth is buying and selling under $3,120 and the 100-hourly Easy Transferring Common.
• There’s a main bearish pattern line forming with resistance at $3,035 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair might begin one other decline if it stays under the $3,100 resistance zone.

Ethereum Value Holds Floor

Ethereum worth slowly moved decrease after it didn’t clear the $3,200 resistance zone. ETH remained in a bearish zone under $3,100 and confirmed bearish indicators, like Bitcoin.

Lately, the bears have been capable of push the value under the $3,000 support zone. Nonetheless, the bulls have been lively close to the 50% Fib retracement degree of the upward wave from the $2,535 swing low to the $3,279 excessive. Ethereum is now buying and selling under $3,120 and the 100-hourly Easy Transferring Common.

Instant resistance is close to the $3,030 degree. There may be additionally a serious bearish pattern line forming with resistance at $3,035 on the hourly chart of ETH/USD. The primary main resistance is close to the $3,100 degree and the 100-hourly Easy Transferring Common.

Supply: ETHUSD on TradingView.com

The following key resistance sits at $3,200, above which the value may rise towards the $3,280 degree. A detailed above the $3,280 resistance might ship the value towards the $3,500 pivot degree. If there’s a transfer above the $3,500 resistance, Ethereum might even climb towards the $3,650 resistance within the coming periods.

Extra Losses In ETH?

If Ethereum fails to clear the $3,100 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $3,000 degree. The primary main help is close to the $2,900 zone.

The following key help could possibly be the $2,820 zone or the 61.8% Fib retracement degree of the upward wave from the $2,535 swing low to the $3,279 excessive. A transparent transfer under the $2,820 help may ship the value towards $2,600. Any extra losses may ship the value towards the $2,550 degree within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 degree.

Main Assist Stage – $2,900

Main Resistance Stage – $3,100

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