Ethereum’s price struggled to break through the $3,200 resistance level and subsequently experienced a decline. ETH is currently making a bid for recovery, but it encounters a challenging resistance around the $3,180 mark. Ethereum has initiated a downward correction, slipping below the $3,200 and $3,180 levels. The price is currently trading above $3,100 and the 100-hourly Simple Moving Average. A breakout occurred above a contracting triangle, with resistance identified at $3,125 on the hourly chart of ETH/USD, according to data from Kraken. The pair may maintain its upward trajectory as long as it remains above the $3,080 level.
Ethereum’s price struggled to hold above the $3,200 mark, experiencing a decline similar to that of Bitcoin. ETH price has fallen below $3,180 and $3,150, signaling a shift into a short-term bearish zone. The price has even fallen below $3,080. A low was established at $3,050, and the price is currently making an effort to initiate a recovery wave. A move was observed above the 23.6% Fibonacci retracement level of the recent decline from the $3,308 swing high to the $3,050 low.
Additionally, a breakout occurred above a contracting triangle, with resistance identified at $3,125 on the hourly chart of ETH/USD. Ethereum price is currently trading above $3,080 and has surpassed the 100-hourly Simple Moving Average. If the bulls manage to stave off further losses beneath $3,080, we could see the price make another push upwards. Immediate resistance is observed around the $3,150 mark. The initial significant resistance stands around the $3,180 mark, coinciding with the 50% Fibonacci retracement level from the recent drop, which saw a peak at $3,308 and a trough at $3,050. The upcoming significant resistance level is around $3,220.
A decisive breakout above the $3.20 resistance could propel the price towards the $3.250 resistance level. An upside break above the $3,250 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $3,300 resistance level or possibly reach $3,320 in the short term. If Ethereum is unable to surpass the $3,180 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $3,110 mark. The initial significant support level is located around the $3,080 area. A decisive drop beneath the $3,080 support could drive the price down to the $3,050 support level. Further losses could push the price down to the $3,000 area.