Ethereum price corrected gains and traded below the USD 3,300 level. ETH is consolidating and facing hurdles near the USD 3,300 resistance zone.
- Ethereum started a downside correction from the USD 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 trendline with support at $3,295 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start rising again if it breaks the $3,330 resistance zone.
Ethereum price extends losses below USD 3,300
Ethereum price failed to break the USD 3,400 resistance zone and started a downward correction, just like Bitcoin. ETH traded below the USD 3,330 and USD 3,300 support levels, entering a short-term bearish zone.
There was a break below a key bullish trendline with support at $3,295 on the hourly chart of ETH/USD. The pair even peaked below the $3,250 support zone. A low is formed at $3,231 and the price is now consolidating losses. It recovered some losses and traded above $3,280.
The price tested the 50% Fib retracement level of the downward move from the $3,362 swing high to the $3,231 low. The Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average.
If a new increase occurs, the price may encounter 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 swing high to the $3,231 low.
The next major hurdle is near the USD 3,350 level. A close above the USD 3,350 level could send Ether towards the USD 3,400 resistance. The next major resistance is near USD 3,500. An upside break above the USD 3,500 resistance could send the price higher towards the USD 3,650 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,330 resistance, it could continue falling. The initial downside support is near USD 3,250. The first major support is near the $3,230 zone.
A clear move below the USD 3,230 support could push the price towards USD 3,180. Any further losses could send the price towards the USD 3,080 support level in the near term. The next major support is at $3,020.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,230
Major resistance level – $3,330
