Ethereum price started a downside correction below the $3,250 zone. ETH is now consolidating near $3,000 and might attempt a fresh increase.

• Ethereum started a short-term downside correction below the $3,250 zone.
• The price is trading above $3,200 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $3,000 zone.

Ethereum Price Hits Support

Ethereum price failed to extend gains above the $3,450 zone and started a downside correction like Bitcoin. ETH declined below the $3,320 and $3,250 support levels.

The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It might soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,120 level.

The first major resistance is near the $3,200 level. There is also a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD. The main resistance is now forming near $3,265 or the 76.4% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

A clear move above the $3,265 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,040 level. The first major support sits near the $3,000 zone.

A clear move below the $3,000 support might push the price toward $2,950. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,040

Major Resistance Level – $3,200

Crypto investors are increasingly greedy as Bitcoin and other meme coins continue their strong bull run. The crypto fear and greed index moved to the extreme greed zone of 85, a trend that could continue in the coming weeks. 

Bitcoin soared to over $93,000, solidifying it as the best-performing asset in the last 15 years. Similarly, Ethereum and Solana jumped to $3,200 and $215, respectively.

Meanwhile, investors turned to Vantard, one of the fastest-growing token sales of the year, which has raised almost $1 million in the past few weeks.

Donald Trump and the Federal Reserve

The main reasons why the crypto fear and greed index has moved to the green zone are Donald Trump and the Fed.

Donald Trump won last week’s election by a huge margin, making him the first crypto-friendly president in the United States. He owns crypto tokens worth over $6 million and is also raising money for the World Liberty Finance project. 

Therefore, Trump is expected to appoint regulators who are friendly to the crypto industry, which will be a breath of fresh air for an industry that has struggled under Gary Gensler. In his reign, Gensler has sued numerous companies like Ripple Labs, Immutable X, Uniswap, and Kraken.

The Federal Reserve has also contributed to the ongoing crypto rally. It has already slashed interest rates two times this year, and analysts expect it to continue the process. In most cases, risky assets like cryptocurrencies and stocks do well when the Fed is cutting rates.

Vantard token sale is thriving

The ongoing crypto bull run explains why investors are piling into Vantard, an upcoming crypto project that is raising money from investors.

Vantard is inspired by Vanguard, a company whose assets have surged to over $8 trillion in the past few decades. Its goal is to create the first meme coin index fund that tracks the best tokens in the industry.

This is a noble goal considering that meme coins are some of the best-performing assets this year. For example, Dogecoin has jumped by over 102% in the last seven days, while Pepe, Dogwifhat, Bonk, and Floki have soared by over 70% in the same period.

Analysts believe that meme coins will continue powering ahead in the coming months. In a statement today, Matthew Sigel of VanEck, predicted that Bitcoin would jump to $180,000 in 2025. His case is based on technicals and fundamentals, which he believes are strong. 

One of the top fundamentals is the ongoing Bitcoin ETF inflows. These funds now hold over $95 billion in assets, with the iShares Bitcoin ETF having over $42 billion. 

Therefore, if these predictions are accurate, it means that other meme coins will do well. In most cases, meme coins thrive when Bitcoin is in a strong momentum. You can buy the Vantard token here.