The Ethereum price is still integrating close to $3200, but this coin can only gain momentum. If the bullish trend of the market crosses the resistance at $3100.
The price of ETH is fighting at $3056 at the time of writing, but this coin is fighting to break the resistance to give a new high to the price. In 100 hours, this coin shows a slight movement in the price. This key indicates a bearish trend, as this coin is setting its resistance at $3070. If it reaches the previous resistance level of $2850, it can accelerate lower
Ethereum Price Consolidates Amidst Market Stability
The bounce in ETH price makes it trade above the mark of $3000, but the bearish trend is not allowing it to cross the figure of $3100 like Bitcoin.
Observers note the decline in ETH price below $3000, and the price even slipped below the mark of $2900. A low price is set at $2878, and now this coin is in the recovery phase.
It surpassed the 23.6% Fibonacci retracement level of the downward movement from the $3,278 swing high to the $2,867 low.
As per the graph, Ethereum is trading below $3100 and marking its resistance at $3070.
Source: TradingView
The formation of resistance at $3070 on an hourly graph makes it indicative of a decline in the price of the token. The trend line is near the 50% FIB retracement level and showing a decline in price from the $4378 high to the $2867 low. The upper resistance sets at $3120, from which the price might boost to $3200
The major resistance is at $3280, If ETH closes above this resistance, the price could bounce to $3350. If this mark is also achieved, The price can even go higher.
Further Declines Expected for ETH?
If the Ethereum price fails to trade above $3100, then people may witness another decline in its price, as its initial resistance is near $2920. The first support is near the mark of $ 2850.
Falling below the price of $2850 will drag this coin to the price of $2620, or in the case of further loss, the price may reach $2550.
Technical indicators
Hourly MACD: The MACD for ETH/USD is getting strong in the bearish zone.
Hourly RSI – The RSI for ETH/USD has fallen to 50 levels.
Major Support Level: $2,850
Major Resistance Level: $3,100
