Ethereum price failed to reach the $3,520 zone and started a new decline. ETH dipped below the $3,250 support and even tested the $3,150 zone.
- Ethereum started a fresh decline below the USD 3,320 and USD 3,250 levels.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct losses, but upside could be limited above the $3,320 zone.
Ethereum price takes a hit
Ethereum price failed to hold higher above the USD 3,450 and USD 3,420 resistance levels. ETH started to decline again below the USD 3,320 support zone, just like Bitcoin. There was a move below the USD 3,250 and USD 3,220 support levels.
The price fell by 5% and even tested the USD 3,150 support. A low was formed at $3,156 and the price is now consolidating losses. There was a move above the USD 3,200 resistance level. The price is now testing the 23.6% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low.
Ethereum is trading below $3,300 and the 100-hour Simple Moving Average. If a recovery wave comes, the price may encounter resistance near the USD 3,250 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low.
There is also a major bearish trendline forming with resistance around $3,325 on the hourly chart of ETH/USD. The next major hurdle is near the $3,365 level. A close above the USD 3,365 level could send Ether towards the USD 3,450 resistance. The next major resistance is near USD 3,500. An upside break above the USD 3,500 resistance could push the price higher. Even more gains could send Ether towards the USD 3,550 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could continue falling. The initial downside support is near USD 3,200. The first major support is near the $3,150 zone.
A clear move below the USD 3,150 support could push the price towards USD 3,080. Any further losses could send the price towards the USD 3,050 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,150
Major resistance level – $3,320
