Ethereum (ETH) Steadies Above $3K, What Could Trigger Fresh Drop

Ethereum is holding gains above the $3,000 support zone against the US Dollar. ETH price is now facing resistance near the $3,150 and $3,180 levels.

Ethereum started a downside correction after it failed to stay above $3,200.
The price is now recovering above $3,100 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline unless it surpasses the main $3,180 resistance zone.

Ethereum Price is Facing Hurdles
Ethereum struggled to stay above the $3,200 zone and started a fresh decline, similar to bitcoin. ETH price broke the $3,180 support level and the 100 hourly simple moving average to move into a short-term bearish zone.
The price even broke the $3,100 level and spiked below the $3,000 level. A low was formed near $2,980 before the price started a decent recovery. It climbed above the $3,050 resistance level and reclaimed the 100 hourly simple moving average.
There was a break above the 23.6% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. However, ether price is now facing a strong resistance near the $3,150 level.
There is also a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. The main resistance is now forming near the $3,180 level.

Source: ETHUSD on TradingView.com
A clear break and close above the $3,150 and $3,180 resistance levels might start a fresh increase. The next key resistance might be near the $3,250 level, above which the price might rise towards the $3,350 resistance.
Fresh Drop in ETH?
If ethereum fails to continue higher above the $3,150 and $3,180 resistance levels, it could start another decline. An immediate support on the downside is near the $3,080 level.
The first key support is near the $3,020 level. The main support is now forming near $3,000. A downside break below the $3,000 support zone could spark a sharp decline. The next major support could be $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is back above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,180

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

DEGA Revolutionizes Fundraising with their Gamified Multichain Initial Stakepool Offering

In a unique partnership with MELD, Cornucopias, and soon-to-be-revealed major players in the blockchain industry, DEGA has announced their Gamified Multichain Initial Stakepool Offering...

NFTs for Fundraising and Charitable Initiatives

In today's digital age, Non-Fungible Tokens (NFTs) have gained significant attention and have emerged as a powerful tool for fundraising and supporting charitable initiatives....

Blockchain for Verifiable Electronic Voting

Blockchain technology has been revolutionizing various industries, and one area where its potential is being explored is in the realm of verifiable electronic voting....

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...