The Ethereum price failed to overcome the resistance at $3,160 and fell again. ETH is currently consolidating and may make another attempt to break above $3,200.

• Ethereum has started a downward correction below $3,180 and $3,150.
• The price is trading below $3,120 and the 100-hour basic moving average.
• A key bullish trendline is forming on the hourly chart of ETH/USD with support at $3,085 (drawing data via Kraken).
• The pair may continue to rise if it remains above the $3,080 zone.

Ethereum price begins consolidation

Ethereum’s price failed to break above $3,150 and pared gains, just like Bitcoin. ETH price dropped below $3,120 and $3,120 to enter a short-term bear zone.

The last major swing low was made at $3,050 before the price entered a consolidation phase. There has been a slight upward move above $3,130 and the 23.6% Fib retracement level resulting from the recent drop from the high of $3,308 to the low of $3,050.

However, bears are vigorous around $3,150 and $3,180. Ethereum price is currently trading below $3,120 and the 100-hour basic moving average. Additionally, a key uptrend line is forming on the hourly chart of ETH/USD with support at $3,085.

If bulls manage to hedge more losses below $3,080, the price could be tempted to move higher. Immediate resistance is seen near the $3,120 level. The first key resistance is located near the $3,180 level and the 50% Fib retracement level of the recent decline from a high of $3,308 to a low of $3,050.

The next major resistance is near the $3,200 level. A clear move above the resistance at $3,200 could push the price towards the resistance at $3,265. An upward break above the $3,265 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $3,320 or even $3,350 in the near future.

Downside Breakout in ETH?

If Ethereum fails to break the resistance at $3,150, a novel decline could begin. Initial downside support is located near the $3,085 level and the trend line. The first major support is located near the $3,050 zone.

A clear move below the $3,050 support could push the price towards the $3,000 support. Any further losses could push the price towards the $2,925 region.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 3,080

Major resistance level – $3,150