Ethereum price has started a consolidation phase near the $3,000 zone. ETH is slowly moving higher and could reach a new surge above $3,220.
- Ethereum is consolidating and facing headwinds around $3,220.
- The price is trading above $3,150 and the 100-hour simple moving average.
- The hourly chart of ETH/USD has seen a breakout of a key bearish trend line with resistance at $3,130 (data feed via Kraken).
- The pair could start a new rise if it breaks through the $3,220 resistance zone.
Ethereum price faces headwinds
Ethereum price remained above the $3,000 level, as did Bitcoin. ETH has formed a base and recently rallied above the $3,120 and $3,150 resistance levels.
On the hourly chart, ETH/USD has broken through a key bearish trend line with resistance at $3,130. The pair even broke through the $3200 level and tested $3220. A high was formed at $3,224 before the pullback occurred. The price moved below the 23.6% Fibonacci retracement level of the upward move from the $3,051 swing low to $3,224 high.
Ethereum price is currently trading above $3,150 and the 100-hour simple moving average. On the downside, the price seems to be facing headwinds near the $3,200 level.
The first serious resistance is near the $3220 level. The main resistance is now forming around $3250. A clear move above the $3,250 resistance could steer the price towards the $3,320 resistance. A break above the $3,320 resistance could lead to further gains in the coming sessions. In this case, Ether may rise to the resistance zone of $3,450.
Another drop in ETH?
If Ethereum fails to break through the $3,220 resistance, it could start another decline. Initial downside support is near the $3,140 level or the 50% Fibonacci retracement level of the upside move from the $3,051 swing low to $3,224 high. The first major support is near the $3050 zone.
A clear move below the $3,050 support could push the price towards $3,000. Any further losses could push the price towards the $2,940 support level in the near future. The next key support is at $2880.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
The main support level is $3,140.
The main resistance level is $3,220.
