Ethereum Corrects Gains, Why ETH Could Restart Increase!
Ethereum struggled to gain momentum above the $3,200 resistance against the US Dollar. ETH price is correcting gains, but it might find support near $3,030.
Ethereum started a downside correction after it spiked towards the $3,240 level.
The price is still trading above $3,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $3,030 and $3,000 to start a fresh increase in the near term.
Ethereum remained well bid above the $3,000 support zone. ETH extended increase and was able to clear the $3,200 resistance. It traded as high as $3,235 before there was a downside correction.
There was a move below the $3,200 and $3,150 levels. Ether price even declined below the 50% Fib retracement level of the upward move from the $2,952 swing low to $3,325 high.
However, the price is still trading above $3,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,150 level.
The first major resistance is near the $3,200 level. A successful close above $3,200 might start another increase. In the stated case, the price could surpass the $3,235 high. The next major hurdle is near the $3,350 level, above which the bulls might aim a test of $3,500.
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