Ethereum Price Builds Momentum, But Follow-Through Is the Real Test

Ethereum price failed to clear the $3,200 resistance and dipped. ETH is now attempting to recover and faces an uphill task near the $3,180 level. Ethereum started a downside correction below $3,200 and $3,180. The price is trading above $3,100 and the 100-hourly Simple Moving Average. There was a break above a contracting triangle with resistance at $3,125 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $3,080 zone. Ethereum Price Attempts Fresh Recovery Ethereum price failed to remain stable above $3,200 and dipped further, like Bitcoin. ETH price declined below $3,180 and $3,150 to enter a short-term bearish zone. The price even dipped below $3,080. A low was formed at $3,050, and the price is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to the $3,050 low. Besides, there was a break above a contracting triangle with resistance at $3,125 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,080 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,080, the price could attempt another increase. Immediate resistance is seen near the $3,150 level. The first key resistance is near the $3,180 level and the 50% Fib retracement level of the recent decline from the $3,308 swing high to the $3,050 low. The next major resistance is near the $3,220 level. A clear move above the $3,20 resistance might send the price toward the $3,250 resistance. An upside break above the $3,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,300 resistance zone or even $3,320 in the near term. Another Drop In ETH? If Ethereum fails to clear the $3,180 resistance, it could start a fresh decline. Initial support on the downside is near the $3,110 level. The first major support sits near the $3,080 zone. A clear move below the $3,080 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 region. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,080 Major Resistance Level – $3,180