ethereum price extended its decline below $3,200. eth is struggling and it looks like the bears are now targeting a move towards the $3,000 support zone.
- ethereum started a downward correction below the $3,350 zone.
- The price is trading below $3,350 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance at $3,420 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its decline if it stays below the $3,420 and $3,500 resistance levels.
ethereum Price Breakouts Support
ethereum price remained in a short-term bearish zone below the $3,550 and $3,500 levels, as did bitcoin. eth fell below the $3,350 support level to advance further into a short-term bearish zone.
Finally, the price traded below the support of $3,200. A low was formed at $3,162 and the price is now consolidating losses. It is showing some bearish signs below the 23.6% Fib retracement level of the descending wave from the high of $3.675 to the low of $3.162.
ethereum price is now trading below $3,350 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,280 level. The first major resistance is near the $3,350 level.
The next key resistance lies at $3,420. There is also a major bearish trend line forming with resistance at $3,420 on the hourly chart of eth/USD. It is near the 50% Fibonacci retracement level of the descending wave from the high of $3,675 to the low of $3,162.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $3,550, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,650 level. If there is a move above the $3,650 resistance, ethereum could even rally towards the $3,800 resistance. Any additional winnings could require a test of $4,000.
More losses on eth?
If ethereum fails to clear the $3,420 resistance, it could continue down. Initial support on the downside is near the $3,260 level.
The first major support is near the $3,200 area. The next key support could be the $3,120 area. A clear move below the $3,120 support could send the price towards $3,050. Any further losses could send the price towards the $3,000 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3260
Main Resistance Level: $3,420
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