Ethereum started a correction after breaking above $3,250. According to technical analysis by NewsBTC’s Aayush Jindal, it could find support around $3,150.
Ethereum Aims for a New Rising
Continuing to stay strong, Ethereum started a correction after rising as high as $3,272. ETH broke below the 23.6% Fib retracement level of the recent rise from the $3,028 high to $3,272 high. However, the price is still trading above $3,150 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD.
An immediate resistance is near the $3,220 level. The first major resistance is near the $3,220 level. A successful close above $3,250 could start another rise. In the stated case, the price could surpass the $3,280 and $3,300 levels. The next major stop for the bulls could be near the $3,400 level.
Is Ethereum Dropped?
Jindal says if Ethereum fails to continue above $3,220 or $3,250, it could initiate a downside correction. An initial support on the downside is near the $3,150 level and the trendline zone.
The trend line is also close to the 50% Fib retracement level of the high from the $3,028 high to $3,272 high. A downside break below the trendline support could push the price towards the 100 hourly SMA. The next major support is near the $3,050 level, below which there is a risk of a major decline.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is just below the 50 level.
- Main Support Level – $3,150
- Main Resistance Level – $3,250
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