Ethereum Price Experiences Technical Correction: Market Adjusts After Recent Rise

Ethereum price reached the $3,040 range and retraced gains. ETH is now supported at $2,925 and may be ready for growth.

Ethereum started a downside correction after the bears defended $3,040. The price is trading below $2,960. A connecting bearish trend line has formed with resistance at $2,965 on the hourly chart of ETH/USD.

Unless there is a close below the $2,925 support, a new rise is likely to start.

Like bitcoin, Ethereum price started a fresh rise above the $2,950 and $2,960 levels.

Ethereum is now trading below $2,960 and below SMA100. However, trading peaks are active at the $2,925 support and the 61.8% Fibonacci retracement level of the upward move from the $2,860 swing low to $3,039 high.

A connecting bearish trend line has also formed with resistance at $2,965 on the hourly chart of ETH/USD.

The first important resistance is near the $3,000 level. A break above the $3,000 resistance is likely to push the price higher. The next key resistance is at $3,050, above which the price is likely to gain momentum and rise to the $3,150 level. If the price clearly breaks above the $3,150 level, it is likely to rise and test the $3,220 resistance. Further gains are likely to push Ether towards the $3,350 resistance area.

If Ethereum fails to break above the $2,965 resistance and the trendline, it is likely to continue its downward move. An initial support on the downside is near the $2,925 level.

The next important support is near the $2,900 area. If the price clearly breaks below the $2,900 support, it is likely to push the price towards $2,850. More losses are likely to push the price towards the $2,740 level in the short term.

Technical Indicators

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.

Main support level - $2925

Main resistance level - $2965

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