Ethereum’s price recently underwent a technical correction after a period of significant growth. The bears successfully defended the $3,040 level, leading to a downward correction. Currently, ETH is trading below $2,960 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD.
However, the bulls are still active near the $2,925 support level and the 61.8% Fib retracement level. If the support holds, Ethereum could see a fresh increase. The immediate resistance is at $2,960, followed by the $3,000 level. An upside break above $3,000 could lead to further gains, with the next key resistance levels at $3,050 and $3,150.
On the other hand, if Ethereum fails to clear the $2,965 resistance and the bearish trend line, it may continue to move downwards. The initial support on the downside is at $2,925, followed by the $2,900 zone. A clear break below $2,900 could push the price towards $2,850, and further losses may lead to a test of the $2,740 level.
The MACD indicator for ETH/USD is showing a loss of momentum in the bearish zone, while the RSI is below the 50 level. These indicators suggest that there is still some downward pressure on the price.
In summary, Ethereum’s price is currently undergoing a technical correction after facing resistance near $3,040. The market is adjusting after the recent increase, and further movement will depend on whether the $2,925 support holds or if the price breaks above the $2,965 resistance.