Ethereum ’s price has recently undergone a correction, dipping beneath the $3,150 level. Currently, the cryptocurrency is trading around $3,120 and may be gearing up for a potential rebound.
After failing to sustain an upward trajectory past the $3,250 level, Ethereum experienced a downturn similar to Bitcoin . The price fell below key support levels of $3,150 and $3,120, with a noticeable decline into the $3,040 range. This downward movement saw Ethereum test support around $3,000, where it found a low of approximately $3,016. At present, the price is consolidating above this low, having slightly retraced to the 23.6% Fibonacci level stemming from the drop from a prior high of $3,340.
As it stands, Ethereum is trading below the $3,200 level and is also under the influence of the 100-hour Simple Moving Average. The price is encountering resistance around the $3,120 level, forming a short-term contracting triangle on the hourly chart. Should Ethereum manage to stabilize above $3,040, there could be possibilities for an increase. The initial resistance appears near the $3,180 level, coinciding with the 50% Fibonacci retracement from the aforementioned downward movement, while a critical level of resistance is identified at $3,220.
If Ethereum breaks through the $3,220 resistance, it could potentially escalate toward the $3,320 resistance zone. A sustained move above this latter level may forecast additional gains, possibly propelling the price towards $3,450. Conversely, if Ethereum fails to surpass the $3,320 level, a decline could ensue. Initial support on the downside is anticipated around $3,060, with further major support levels established near $3,040, and subsequent levels at $2,980 and $2,920, with the most crucial support positioned at $2,880.
In technical terms, the MACD for Ethereum appears to be waning in momentum within the bearish range, while the Relative Strength Index (RSI) shows readings below the 50 level, indicating potential bearish pressures.
