The Ethereum price did not stay above $3,250 and caused long-term losses. ETH is down more than 5% and could struggle to recover above $3,250 in the near term.
- Ethereum started a new decline after failing to stay above $3,200.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,000 zone.
Ethereum price continues to fall
The price of Ethereum did not remain above $3,350 and started a new decline, just like Bitcoin. The ETH price dropped below $3,200 and entered a bearish zone.
The decline accelerated below $3,150 and the price fell below $3,050. A low was formed at $3,003 and the price is now correcting some losses. There was a move towards the 23.6% Fib retracement level from the recent decline from the $3,560 swing high to the $3,003 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price may encounter resistance near the USD 3,160 level. There is also a major bearish trendline forming with resistance at $3,160 on the hourly chart of ETH/USD.
The next major resistance is near the $3,280 level and the 50% Fib retracement level of the recent decline from the $3,560 swing high to the $3,003 low.
The first major resistance is around the $3,350 level. A clear move above the USD 3,350 resistance could send the price towards the USD 3,450 resistance. An upside break above the $3,450 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,500 or even USD 3,550 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,280 resistance, it could trigger another decline. The initial downside support is near the $3,050 level. The first major support is near the $3,000 zone.
A clear move below the USD 3,000 support could push the price towards the USD 2,880 support. Any further losses could send the price towards $2,750 in the short term. The next major support is at USD 2,640 and USD 2,620.
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 – $3,050
Major resistance level – $3,280