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Ethereum price failed to clear the USD 3,400 resistance and extended losses. ETH is struggling and could continue to fall if the price remains below $3,400.
- Ethereum started a new decline from the $3,400 zone.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a new rise above the USD 3,300 resistance level.
Ethereum price extends losses
Ethereum price failed to initiate a recovery wave above the USD 3,400 level and extended losses like those of Bitcoin. ETH fell below the USD 3,350 and USD 3,320 support levels.
There was a clear move below USD 3,250 and USD 3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib retracement level from the recent decline from the $3,742 swing high to the $3,159 low. A connecting bearish trendline is also forming with resistance at $3,300 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,300 level and the trendline.
The first major resistance is around the $3,400 level. Key resistance now forms around $3,450 and the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. A clear move above the USD 3,450 resistance could send the price towards the USD 3,500 resistance.
An upside break above the USD 3,500 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $3,550 or even $3,650 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,300 resistance, it could trigger another decline. The initial downside support is near the USD 3,200 level. The first major support is around $3,160.
A clear move below the USD 3,160 support could push the price towards the USD 3,080 support. Any further losses could send the price towards the USD 3,050 support level in the near term. The next major support is $3,000.
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 – $3,160
Major resistance level – $3,300
