Ethereum has recently experienced a downside correction from the $3,150 zone, triggering a decrease in price. While the bears defended this key level, Ethereum is still holding onto its gains and showing resilience in the market. It is currently trading above $3,000 and the 100-hourly Simple Moving Average, indicating a potential for another upward movement in the near future.
Hourly MACD suggests that the momentum for ETH/USD is losing steam in the bullish zone. This could potentially signal a shift in price direction in the coming hours. Additionally, the hourly RSI for ETH/USD has dropped below the 50 level, indicating a weakening of the bullish sentiment among traders.
Despite the recent downside correction, there is optimism for Ethereum to start another increase from the $3,000 support level. The bulls are actively defending the $3,065 support and protecting the 50% Fib retracement level from the recent upward move. This shows a strong level of buying interest in Ethereum at this price point.
Immediate resistance for Ethereum is seen near the $3,080 level, with a connecting bearish trend line forming at this point on the hourly chart. A break above this resistance could potentially push the price higher towards the $3,150 level, followed by key resistance at $3,200 and $3,250. If Ethereum manages to clear these hurdles, there is a possibility for the price to test the $3,320 resistance zone.
However, if Ethereum fails to break above the $3,080 resistance and the trend line, there is a risk of further downside movement. Initial support is expected near the $3,065 level, followed by the crucial $3,000 zone. A clear break below $3,000 could signal a deeper pullback towards $2,980 and potentially even $2,860 in the near term.
While Ethereum has faced a downside correction from the $3,150 zone, it is showing signs of resilience and potential for another upward movement. Traders should keep a close eye on key resistance levels and support zones to gauge the future price direction of Ethereum in the cryptocurrency market.