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Ethereum price started a small recovery wave above the $3,200 zone. ETH is struggling and could continue to fall if it stays below $3,320.
- Ethereum started a small recovery wave from the $3,160 zone.
- The price is trading below $3,320 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh rise above the USD 3,320 resistance level.
Ethereum price faces resistance
Ethereum price, like Bitcoin, started a short-term recovery wave from the $3,160 level. ETH was able to recover above the USD 3,200 and USD 3,220 resistance levels.
The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. A connecting bullish trendline is also forming with support at $3,250 on the hourly chart of ETH/USD.
However, the bears are active below the USD 3,320 and USD 3,350 levels. 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 around the USD 3,300 level.
The first major resistance is around the $3,320 level. Key resistance now forms around $3,450 and the 50% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 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 3,520 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,720 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could trigger another decline. The initial downside support is near the $3,250 level and the trendline. The first major support is around $3,220.
A clear move below the USD 3,220 support could push the price towards the USD 3,160 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 – $3,220
Major resistance level – $3,320