ethereum price struggled to recover above the $3,420 resistance zone. eth is consolidating and could fall again if there is a move below $3,320.
- ethereum is struggling to gain pace to surpass the $3,420 zone.
- The price is trading below $3400 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $3,400 on the hourly chart of eth/USD (data via Kraken).
- The pair must overcome the $3,400 and $3,425 resistance levels to continue rising.
ethereum price faces obstacles
ethereum price started a decent recovery wave above the $3,320 level. eth even surpassed the $3,350 level, but bears were active near $3,420. A high was formed at $3,426 and the price corrected gains like bitcoin.
There was a move below the $3,380 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low $3,230 to the high $3,426. The bulls are now trying to protect further declines below the $3,320 level.
ethereum continues to trade below $3,400 and the 100 hourly simple moving average. On the upside, the price is facing obstacles near the trend line and $3,400. There is also a bearish trend line forming that connects to resistance near $3,400 on the hourly chart of eth/USD.
The first major resistance is near the $3,420 level. The main resistance is near the $3,450 level. A close above the $3,450 level could send Ether towards the $3,550 resistance.
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The next key resistance is near $3,620. A bullish break above the $3,620 resistance could send the price higher. The next hurdle lies at $3,680, above which the price could gain traction and rise towards the $3,720 level. Any further gains could send Ether towards the $3,880 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $3,400 resistance, it could start another decline. Initial support on the downside is near $3,350. The first major support lies near the $3,320 zone and the 50% retracement level of the upward move from the low of $3,230 to the high of $3,426.
A clear move below the $3,320 support could push the price towards $3,250. Any further losses could send the price towards the $3,200 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $3,320
Main Resistance Level: $3,400
