Ethereum Price Dips: Bulls To Scoop Up the Opportunity?

Ethereum price started a downside correction from the $3,150 zone. ETH is holding gains and might start another increase from the $3,000 support.

Ethereum started a downside correction after the bears defended $3,150.

The price is trading above $3,000 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase unless there is a close below the $3,000 support.

Ethereum Price Holds Ground

Ethereum price gained pace after it settled above the $3,000 level, like Bitcoin. ETH even cleared the $3,050 level before the bears appeared near $3,150. A new weekly high was formed at $3,144 and the price recently started a downside correction.

There was a move below the $3,100 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.

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