Ethereum price started a new increase above $3.350. ETH is now correcting gains of $3,450 and could fall further below $3,200.
- Ethereum started a downward correction from the $3,450 zone.
- The price is trading near USD 3,200 and the 100-hour Simple Moving Average.
- There was a break below a bullish trendline with support at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,200 zone.
Ethereum price drops sharply
The Ethereum price managed to stay above $3,200 and started a new increase, beating Bitcoin. ETH price gained strength thanks to a move above the USD 3,320 and USD 3,350 resistance levels.
The bulls even pushed the price above $3,400. However, the bears were active below $3,450. It reached a high at $3,448 and the price is now correcting gains. There was a sharp decline below the 23.6% Fib retracement level of the upwave from the $2,914 swing low to the $3,448 low.
Additionally, there was a break below a bullish trendline with support at $3,240 on the hourly chart of ETH/USD. The Ethereum price is now trading near $3,200 and the 100-hourly Simple Moving Average.
If another upward move occurs, the price may encounter resistance near the $3,250 level. The next major resistance is near the $3,300 level. The first major resistance is around the $3,320 level. A clear move above the USD 3,320 resistance could send the price towards the USD 3,400 resistance. An upside break above the $3,400 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,450 or even USD 3,500 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could trigger another decline. The initial downside support is near the USD 3,200 level. The first major support is near the $3,180 zone and the 50% Fib retracement level of the upward wave from the $2,914 swing low to the $3,448 low.
A clear move below the USD 3,180 support could push the price towards the USD 3,150 support. Any further losses could send the price towards $3,050. 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 – $3,180
Major resistance level – $3,300