ethereum price corrected gains and traded below the $3,300 level. eth is consolidating and facing hurdles near the $3,300 resistance zone.
- ethereum started a downside correction from the $3,400 resistance.
- The price is trading below $3,330 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support at $3,295 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could start another increase if it breaks the resistance zone of $3,330.
ethereum Price Extends Losses Below $3,300
ethereum price failed to break above the $3,400 resistance zone and started a downside correction, like bitcoin. eth traded below the $3,330 and $3,300 support levels to enter a short-term bearish zone.
There was a break below a key bullish trend line with support at $3295 on the hourly chart of eth/USD. The pair even spiked below the $3250 support zone. A low was formed at $3231 and the price is now consolidating losses. It recovered some losses and traded above $3280.
The price tested the 50% Fib retracement level of the downward move from the $3,362 high to $3,231 low. ethereum price is now trading below $3,300 and the 100 hourly simple moving average.
If a fresh increase occurs, the price might face resistance near the $3,300 level and the 100 hourly simple moving average. The first major resistance is near the $3,330 level and the 76.4% Fib retracement level of the downward move from the $3,362 high to $3,231 low.
The next major hurdle is near the $3,350 level. A close above that level could send Ether towards the $3,400 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance could send the price towards the $3,650 resistance zone in the near term.
Another drop in eth?
If ethereum fails to clear the $3,330 resistance, it could continue to decline. The initial support on the downside lies near $3,250. The first major support lies near the $3,230 zone.
A clear move below the $3230 support could propel the price towards $3180. Any further losses could send the price towards the $3080 support level in the near term. The next key support lies at $3020.
Technical indicators
Hourly MACD – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Major Support Level: $3230
Major Resistance Level: $3,330
(tags to translate)ethbtc
