ethereum price is struggling to recover above the $3,360 resistance zone. eth is now showing signs of further losses below the $3,300 and $3,250 levels.
- ethereum is facing many obstacles near the $3,350 and $3,360 levels.
- The price is trading below $3,350 and the 100 hourly simple moving average.
- There was a break below an ascending channel with support at $3,320 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend losses if it closes below the $3,200 support zone.
ethereum Price Signals Downside
ethereum price was trading below the $3,300 level before the bulls emerged. eth traded as low as $3,215 before there was a minor recovery wave, like bitcoin. The price rose above the $3,250 and $3,280 levels.
There was a move above the 23.6% Fib retracement level of the descending wave from the high of $3.655 to the low of $3.215. However, the bears were active near the $3,360 resistance. The bulls struggled and the price reacted lower.
There was a break below an ascending channel with support at $3,320 on the hourly chart of eth/USD. ethereum is now trading below $3,300 and the 100 hourly simple moving average.
The immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next key resistance lies at $3,435 or the 50% Fibonacci retracement level of the descending wave from the high of $3,655 to the low of $3,215, 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. Any additional winnings could require proof of $3,800.
More losses on eth?
If ethereum fails to overcome the $3,360 resistance, it could continue lower. Initial support on the downside is near the $3,240 level.
The first major support is near the $3,215 area. 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.
Major Support Level: $3215
Main Resistance Level: $3,360
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