Ethereum Loses Grip on $3K — Is a Correction Coming?

Ethereum rose over $3,000 again. ETH is consolidating gains and may fall below $2,900.

Ethereum rose over $3,000 again.

The price is at $2,940 and the 100-hour SMA.

The hourly ETH/USD chart broke below a positive trend line with support at $2,980.

If sustained over $2,900, the pair may rise again.

Ethereum Price Exceeds $3,000

Like Bitcoin, Ethereum price rose beyond $2,800. ETH price moved over $2,880 barrier and entered a bullish zone.

Bulls drove prices over $2,920. The $3,080 zone was tested last. Price is holding gains after hitting $3,081 high. The $2,905 swing low to $3,081 high upward move fell below the 50% Fib retracement line.

Additionally, ETH/USD's hourly chart broke below a bullish trend line with support at $2,980. Ethereum is reaching $2,940 and the 100-hour SMA.

Price may find resistance at $2,980 on the upside. Near $3,000 is the next resistance. Around $3,040 is the first substantial barrier. A clean break over $3,040 might push the price above $3,080.

Above $3,080 barrier might lead to greater advances in the following sessions. Ether may soar to $3,200 or $3,220 soon.

Does ETH Support Downsides?
Ethereum may fall if it fails to break $3,000 barrier. Initial downside support is approaching $2,940 and the 76.4% Fib retracement level of the bullish run from $2,905 swing low to $3,081 high. First significant support is around $2,900.

A decisive break below $2,900 might bring the market near $2,800. If losses continue, the price may reach $2,720 support. Next important support is $2,650.

Tech Indicators

The negative MACD for ETH/USD is growing.

Hourly RSI: ETH/USD is below 50.

Major Support: $2,900

Major Resistance: $3,000.

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