Ethereum was well bid above the support zone of USD 3000. ETH extended the increase and, thereby, could clear the resistance of USD 3200 while trading as much as USD 3235 before the downside correction took place.
The move was below the USD 3150 and USD 3200 levels. The price of Ether further declined below the fifty per cent Fib retracement level of its upward move from UDSD 2952 swing low to USD 3325 high. At the same time, there occurred a break below the critical bullish trend line. The support was about USD 3160 on the ETH/USD hourly chart.
It is to be noted that the price of Ethereum is still trading at more than USD 3000 while the hundred hourly moving at average. The immediate resistance is about the USD 3150 level on its upside.
The foremost significant resistance is at the level of about USD 3200. The successful close at more than USD 3200 will likely commence another increase. As per the case stated, the price of Ethereum might surpass the high of USD 3235. After that, the vital hurdle will be at the level of USD 3350, above which bulls would be aiming the test of USD 3500.
Is This Downward Break-In Ethereum?
If Ethereum cannot go high above USD 3160 or even USD 3200, it might start to go down. The initial support for the downside is at about USD 3080 level while there might be the rising channel at the same chart.
The first remarkable support is about USD 3030 level with the hundred hourly simple going average. It is noted to be close to 76.4 per cent Fib retracement level in the upward move from USD 2952 swing low to the USD 3325 high. The downside break at less than the USD 3030 level will likely push this price below USD 3000. After this, the primary support will be at about USD 2950 level and below this, there will be the risk of a more significant decline.
Technical indicators are as below:
• Hourly MACD for the ETH/USD is increasing in the bearish zone
• Hourly RSI for ETH/USD is recorded at just below the fifty level
• The significant support level is at USD 3030
• The primary Resistance level is at USD 3200
