Ethereum price started declining again after the USD 3,400 resistance. ETH is now consolidating losses and holding the key support at USD 3,200.
- Ethereum started a sharp downward correction below $3,320.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $3,180 zone.
Ethereum price drops in support
The price of Ethereum did not remain stable above $3,300 and, like Bitcoin, started a new decline. ETH price fell below USD 3,280 and USD 3,250 to enter a bearish zone.
There was a break below a bullish trendline with support at $3,220 on the hourly chart of ETH/USD. The pair even fell below the 50% Fib retracement level of the recent wave, from the $3,060 swing low to the $3,402 high. The price eventually tested $3,180.
Ethereum price is now trading below $3,250 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,180 or the 61.8% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high, the price could try to rise again.
Immediate resistance is seen around the $3,230 level. The first major resistance is near the $3,250 level. The next major resistance is around the $3,280 level. A clear move above the USD 3,280 resistance could send the price towards the USD 3,320 resistance. An upside break above the $3,320 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,400 or even USD 3,450 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.
A clear move below the USD 3,180 support could push the price towards the USD 3,120 support. Any further losses could send the price towards $3,050. The main support could be $3,000.
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 – $3,180
Major resistance level – $3,280