Ethereum struggles near $3,030 resistance, consolidates above $2,930. Potential downside correction anticipated. Key support at $2,930.

Ethereum's price is encountering resistance below the $3,030 mark. ETH is currently consolidating and may initiate a downward correction below the $2,930 support level.

  • Ethereum faced difficulties maintaining its position above the $3,000 threshold and experienced a corrective downturn.
  • Presently, the price is above $2,930 and the 100-hourly Simple Moving Average.
  • An important bullish trend line is forming, offering support at $2,930 according to the hourly chart of ETH/USD (data sourced from Kraken).
  • Unless there's a noticeable drop below $2,930, the pair could resume its upward trajectory.

Support Levels Reached by Ethereum Price

Ethereum's price recently attempted to surpass the $3,000 resistance zone once more. However, bearish activity prevailed above $3,000, resulting in a new multi-week high around $3,036, followed by a downward correction, mirroring Bitcoin's movement.

The price descended below the $3,000 and $2,980 marks. It even briefly dipped below the 50% Fib retracement level of the upward movement from the $2,865 swing low to the $3,036 high. Nonetheless, bullish momentum appears near the $2,940 threshold.

Currently, Ethereum is trading above $2,930 and the 100-hourly Simple Moving Average. Additionally, a significant bullish trend line is forming with support at $2,930 on the hourly ETH/USD chart. This trend line coincides with the 100-hourly Simple Moving Average and the 61.8% Fib retracement level of the upward swing from the $2,865 low to the $3,036 high.

Source: ETHUSD on TradingView.com

Immediate resistance levels on the upside are approximately near $2,980, with the primary resistance lying at $3,000. Subsequently, further resistance is expected around $3,035, followed by a potential test of the $3,080 resistance zone. A breakthrough above $3,080 might lead to a rally toward the $3,200 resistance mark, with possible gains pushing the price toward $3,250.

Potential Downtrend in ETH

If Ethereum fails to surpass the $3,000 resistance level, downward movement may persist. Initial support lies around the $2,930 mark and the 100-hourly Simple Moving Average.

The primary support level is near $2,865, with subsequent crucial support anticipated around the $2,820 region. A definitive breach below the $2,820 support could drive the price toward $2,720. Further losses might steer the price toward the $2,550 level in the upcoming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is indicating waning bullish momentum.

Hourly RSI – The RSI for ETH/USD is presently below the 50 level.

Major Support Level – $2,865

Major Resistance Level – $3,000