On Friday, August 13, Ethereum recovered over its $3K support zone against the US currency as it faces resistance near the level of $3,150 and $3,180. After it failed to remain above the $3,200 price, Ethereum has started to correct its downtrend.
Based on analysts’ data, there is a major bearish uptrend which forms together with the resistance near $3,140 on Ethereum’s hourly chart.
An expert stated that the ETH/USDT pair could start another fall unless it surpasses the main resistance zone of $3,180.
Similar to Bitcoin, Ethereum had a hard time remaining over the $3,200 zone, and it began a fresh decline.
Now, the price of ETH broke the support level of $3,180 and the 100 hourly simple moving average to move ahead to a short-term bearish zone. It reached above the $3,100 level and crashed under the $3,000 level. Also, a low formed near $2,980 before Ethereum’s price began to recover. Then, it soared above the resistance level of $3,050, and it retrieved the 100 hourly simple moving average.
Additionally, Ethereum broke over the 23.60% Fibonacci retracement level from the recent fall of $3,280 high to the $2,980 low. However, its price now reached near the $3,150 strong resistance level. Also, the main resistance now forms near the level of $3,180.
Another analyst said that a break and close over the $3,150 and $3,180 resistance levels might begin to climb.
In addition, the next key resistance might reach near the $3,250 level. This is where the price of Ethereum might rise to the $3,350 resistance.
Bitcoin Climbed $46K as Ethereum Recovered
Furthermore, Bitcoin spiked 2.60% or 1,174.78 points to $46,376.95. It has a market cap of $871.15 billion with a 24-hour volume of $34.90 billion.
Consequently, Cardano is trading at $2.06, and it smashed 15.38%, which is its largest one-day percentage gain since August 10. This uptrend pushed its market capitalization to $66.48 billion with a 24-hour volume of $6.26 billion. In the past 24 hours, Cardano traded in a range of $1.82 to $1.96, and over the last seven days, it progressed 39.47%.
Moreover, Uniswap increased 4.37% or 1.31 points to $29.87 with a market cap of $29.87 billion. Also, it has a 24-hour volume of $599.92 million.