Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.
- Ethereum extended losses and tested the $3,075 support zone.
- The price is trading below $3,180 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the $3,125 support.
Ethereum Price Faces Resistance
Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.
There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.More Downsides In ETH?
If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,125 Major Resistance Level – $3,200