ethereum price is struggling to recover above the $3,440 resistance zone. eth is moving lower and could fall further if it breaks the $3,250 support.
- ethereum is struggling to break above the $3,370 and $3,440 levels.
- The price is trading below $3380 and the 100 hourly simple moving average.
- There was a break below a major uptrend line with support at $3,300 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend losses if it closes below the $3,250 support zone.
ethereum Price Recovery Fades Again
ethereum price attempted a new wave of recovery above the $3,300 and $3,320 levels, like bitcoin. eth even rose above the $3,400 level but the bears were active near the $3,440 zone.
A high was formed near $3,443 before a fresh decline occurred. There was a break below a major uptrend line with support at $3,300 on the hourly chart of eth/USD. The price trimmed the gains and retested the support of $3,250. The price traded as low as $3,253 and is currently consolidating losses.
It is trading just above the 23.6% Fib retracement level of the descending wave from the high of $3.443 to the low of $3.253. However, ethereum is trading below $3,380 and the 100 hourly simple moving average.
The immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fibonacci retracement level of the descending wave from the high of $3,443 to the low of $3,253. The next key resistance lies at $3,440, above which the price could test the $3,500 level.
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Fountain: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the indicated case, the price could rise towards the $3,650 zone. If there is a move above the $3,650 resistance, ethereum could even rally towards the $3,750 resistance.
More losses on eth?
If ethereum fails to overcome the $3,350 resistance, it could continue down. Initial support on the downside is near the $3,250 level.
The first major support is near the $3,220 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 support could send the price towards $3,120. Any further losses could send the price towards the $3,040 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: $3250
Main Resistance Level: $3,350
