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Ethereum price started a downward correction from the USD 3,500 resistance. ETH is consolidating above USD 3,120 and is facing many hurdles.
- Ethereum failed to pace for a close above $3,500 and corrected gains.
- The price is trading below $3,320 and the 100-hourly Simple Moving Average.
- A short-term bearish trendline is forming with resistance at $3,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again if it breaks the $3,300 resistance level.
Ethereum price drops in support
Ethereum price started a decent upward move above the USD 3,320 level, but the gains were limited compared to Bitcoin. ETH failed to pace for a close above $3,500 and corrected gains.
There was a move below the USD 3,320 and USD 3,300 support levels. A low was formed at $3,141 and the price is now consolidating losses. There was a small increase above the USD 3,200 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $3,445 swing high to the $3,141 low.
Ethereum price is now trading below $3,280 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,240 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the recent decline from the $3,445 swing high to the $3,141 low.
The main resistance is now forming around $3,380. There is also a short-term bearish trendline forming with resistance at $3,380 on the hourly chart of ETH/USD. A clear move above the USD 3,380 resistance could send the price towards the USD 3,450 resistance.
An upside break above the USD 3,450 resistance could fuel more gains in the coming sessions. 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 3,300 resistance, it could trigger another decline. The initial downside support is near the $3,150 level. The first major support is around $3,120.
A clear move below the USD 3,120 support could push the price towards the USD 3,050 support. Any further losses could send the price towards the USD 3,020 support level in the near term. The next major support is $3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,120
Major resistance level – $3,300
