Ethereum Price Recovery In Jeopardy? Decoding Major Hurdles To Upside Continuation
Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the $3,220 resistance and is currently trimming gains.
* Ethereum climbed further above the $3,150 and $3,200 levels before the bears appeared.
* The price is trading below $3,120 and the 100-hourly Simple Moving Average.
* There was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
* The pair must stay above the $3,020 support to start another increase toward $3,220.
Ethereum Price Dips Again
Ethereum price climbed further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downside correction.
There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Besides, there was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 zone.
A low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The next key resistance sits at $3,170, above which the price might gain traction and rise toward the $3,220 level.
