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ethereum price remained below the $3,500 resistance while bitcoin recovered. eth is consolidating above $3,120 and facing many obstacles.
- ethereum failed to gain pace for a close above $3,450 and corrected gains.
- The price is trading below $3300 and the 100 hourly simple moving average.
- A short-term contracting triangle is forming with resistance at $3,370 on the hourly chart of eth/USD (data via Kraken).
- The pair could start another rise if it breaks the $3,325 resistance level.
ethereum price stuck in a range
ethereum price started a decent upward move above the $3,300 level, but the upside was limited compared to bitcoin. eth failed to gain pace for a close above $3,450 and corrected gains.
There was a move below the $3,320 and $3,300 support levels. A low was formed at $3203 and the price is now consolidating losses. There was a minor rise above the $3,240 level. The price tested the 23.6% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,203.
ethereum price is now trading below $3,300 and the 100 hourly simple moving average. On the upside, the price seems to face hurdles near the $3,260 level. The first major resistance is near the $3,320 level or the 50% Fibonacci retracement level of the recent decline from the high of $3,444 to the minimum of $3,203.
The main resistance is now forming near $3,350. There is also a short-term contracting triangle forming with resistance at $3,370 on the hourly chart of eth/USD. A clear move above the $3,370 resistance could send the price towards the $3,450 resistance.
A bullish break above the $3,450 resistance could require more gains in the coming sessions. In the indicated case, Ether could rally towards the $3,500 or even $3,550 resistance zone in the near term.
More losses on eth?
If ethereum fails to overcome the $3,325 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support is near $3,150.
A clear move below the $3,150 support could push the price towards the $3,120 support. Any further losses could send the price towards the $3,050 support level in the near term. The next key support is at $3,000.
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 below the 50 zone.
Main Support Level: $3200
Main Resistance Level: $3,325
