Ethereum Price Drifts Lower—Is $3,000 About to Be the Battleground?

Ethereum price started a fresh decline below $3,120. ETH is now consolidating and might soon aim to start a recovery wave above $3,200.Ethereum started a downside correction from the $3,250 zone.The price is trading below $3,200 and the 100-hourly Simple Moving Average.There is a connecting bearish trend line forming with resistance at $3,175 on the hourly chart of ETH/USD (data feed via Kraken).The pair could continue to move down if it settles below the $3,050 zone.Ethereum Price Dips Toward SupportEthereum price failed to stay above $3,180 and started a fresh decline, like Bitcoin. ETH price dipped below $3,150 and $3,120 to enter a short-term bearish zone.The bears even pushed the price toward $3,000. A low was formed at $3,026 and the price is now attempting to recover some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low.Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance at $3,175 on the hourly chart of ETH/USD.If there is another upward move, the price could face resistance near the $3,150 level or the 50% Fib retracement level of the downward move from the $3,273 swing high to the $3,026 low. The next key resistance is near the $3,180 level and the trend line.The first major resistance is near the $3,200 level. A clear move above the $3,200 resistance might send the price toward the $3,250 resistance. An upside break above the $3,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,400 in the near term.Another Decline In ETH?If Ethereum fails to clear the $3,200 resistance, it could start a fresh decline. Initial support on the downside is near the $3,080 level. The first major support sits near the $3,050 zone.A clear move below the $3,050 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 region. The next key support sits at $2,940.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 zone.Major Support Level – $3,080Major Resistance Level – $3,200Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC