Ethereum can initiate a recovery by breaking this mating resistance

Ethereum has started a big fall below the $ 3,200 support zone against the US dollar. ETH traded as low as মূল্য 2,807 and is now trying to wave the recovery.

  • Ethereum has started a new fall below the লে 3,300 and 3,200 support levels.
  • Prices are now trading below the simple moving average of $ 3,200 and 100 hours.
  • ETH / USD (data feed via Kraken) is forming a key bearish trend line with resistance near $ 3,020 per hour chart.
  • If it stays close to $ 3,050 in the near term, this pair could be a steady recovery wave.

The value of etherium corrects the loss

Ethereum started a big fall from the অঞ্চ 3,500 resistance zone. ETH has many similar support zones around $ 3,300 and a simple moving average of 100 hours, trading similar to Bitcoin.

The Bear has gained strength below the $ 3,200 support zone. Eventually, Ether rose below 3,000 3,000 and led to its collapse. A low is formed around $ 2,807 and the price is now correcting the loss. There was a break above the resistance levels of $ 2,920 and 2,950.

The price recovered from the পত 3,455 swing high above the 23.6% Fib retracement level of the recent fall to 2, 2,807. Side upward is an immediate resistance near the $ 3,020 level. The ETH / USD hourly chart also has a key bearish trend line with resistance near $ 3,020.

Source: ETHUSD on

A good recovery above the $ 3,020 and 3,050 levels could begin. The next major resistance could be near the $ 3,130 level. It is close to the 50% Fib retracement level of the recent fall from the $ 3,455 swing high to the ্র 2,807 low. A clear break and close above the $ 3,130 level could start a steady rise. The next major resistance sits around $ 3,300.

Further damage to ETH?

If Ethereum fails to correct above the resistance levels of $ 3,020 and 3,050, it could start another fall. The initial support on the negative side is close to the 2,960 level.

The next major support appears to be formed near the $ 2,900 level. A negative break below the $ 2,900 support zone could move the price towards the 2,800 zone. The next major support is near the $ 2,750 level, below which the price of ether could fall towards the 2,640 support zone.

Technical indicators

MACD per hourETH / USD’s MACD is slowly losing momentum in the bearish zone.

RSI per hourETH / USD RSI is still below 50 level.

Main support level – $ 2,960

Main resistance level – $ 3,050

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