ethereum price still faces many obstacles near $3,200. eth could start another major decline if the price sustains below $3,200 and $3,280.
- ethereum is struggling to recover above the $3,200 resistance zone.
- The price is trading below $3200 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,120 on the hourly chart of eth/USD (data via Kraken).
- The pair could start another decline if it closes below the $2,900 support zone.
ethereum price consolidates
ethereum price found support and attempted a recovery wave above the $3,000 resistance zone. eth was able to surpass the $3,200 level. However, the bears were active near the $3,280 resistance zone.
A high was formed at $3,278 and the price reacted lower, like bitcoin. It fell below the 23.6% Fibonacci retracement level of the upward move from the low of $2,536 to the high of $3,278. ethereum is now trading below $3,200 and the 100 hourly simple moving average.
The immediate resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,120 on the hourly chart of eth/USD. The first major resistance is near the $3,200 level and the 100 hourly simple moving average.
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Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,280, above which the price could rise towards the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum. In the indicated case, the price could rise towards the $3,620 zone. If there is a move above the $3,620 resistance, ethereum could even rally towards the $3,750 resistance.
Another drop in eth?
If ethereum fails to overcome the $3,200 resistance, it could start another decline. Initial support on the downside is near the $3,000 level.
The first major support is near the $2,900 zone or the 50% Fibonacci retracement level of the upward move from the low of $2,536 to the high of $3,278. The next key support could be the $2,710 area. A clear move below the $2,710 support could send the price towards $2,650. Any further losses could send the price towards the $2,550 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,900
Main Resistance Level: $3200
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