The price of ether is levelling off around $3,000. If ETH breaks above the $3,100 and $3,200 resistance levels, it might initiate a respectable recovery wave.

▪️Ethereum is having difficulty rising over the $3,100 resistance level.

▪️The 100-hourly Simple Moving Average and $3,120 are both being traded below by the price.

There is a big negative trend line building with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).

If the pair maintains its below the $3,100 resistance zone, it may initiate another drop.

The Price of Ethereum Remains Constant

The price of ether declined gradually after it was unable to break above the $3,200 resistance level.

Like Bitcoin, ETH continued to trade in a bearish zone below $3,100 and displayed bearish signals.

Bears have recently been able to drive the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the upward wave from the $2,5z35 swing low to the $3,279 high.

Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $3,030 level. There is also a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD.

The first major resistance is near the $3,100 level and the 100-hourly Simple

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,200, above which the price might rise toward the $3,280 level.

A close above the $3,280 resistance could send the price toward the $3,500 pivot level. If there is a move above the $3,500 resistance, Ethereum could even climb toward the $3,650 resistance in the coming sessions.

More Losses In ETH?

If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone.

The next key support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support might send the price toward $2,600. Any more losses might send the price toward the $2,550 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

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

Major Support Level – $2,900

Major Resistance Level – $3,100