ethereum price extended its decline below the $3,320 support zone. eth is now consolidating and could start a new rise if it breaks $3,320.
- ethereum remained in a bearish zone and traded below the $3,320 support zone.
- The price is trading below $3400 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $3,320 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it settles above the $3,320 resistance zone.
ethereum price faces resistance
ethereum price remained in a bearish zone below the $3,500 level on the hourly time frame. eth extended its decline below the $3,320 support level, as did bitcoin.
It even shot below $3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fibonacci retracement level of the descending wave from the high of $3,655 to the low of $3,215.
ethereum is now trading below $3,400 and the 100 hourly simple moving average. The immediate resistance is near the $3,320 level. There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of eth/USD.
The first major resistance is near the $3,350 level. The next key resistance lies at $3,440 or the 50% Fib retracement level of the down 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 $3,680 hurdle. If there is a move above the $3,680 resistance, ethereum could even rally towards the $3,780 resistance. Any additional winnings could require a test of $3,850.
Another rejection in eth?
If ethereum fails to overcome the $3,320 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 area. The next key support could be the $3,120 area. A clear move below the $3,120 support could send the price towards $3,040. Any further losses could send the price towards the $3,000 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Major Support Level: $3220
Main Resistance Level: $3,320
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