Ethereum price struggled to reach the $3,400 zone and corrected gains. ETH is firm near USD 3,280 and could attempt another rise in the near term.
- Ethereum started a downside correction from the USD 3,400 resistance.
- The price is trading near USD 3,280 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again unless there is a close below the $3,250 support zone.
Ethereum price remains firm while Bitcoin falls
Ethereum price extended its rise above the $3,250 zone. ETH even managed to break the USD 3,350 resistance zone and tested the USD 3,400 level. Recently, there was a downward correction from the high of $3,395, but it was less compared to Bitcoin.
The price fell below the USD 3,350 support zone. It fell below the 50% Fib retracement level of the upward move from the $3,201 swing low to the $3,395 high.
Ethereum is now trading near $3,280 and the 100-hour Simple Moving Average. There is also a major bullish trendline forming with support at $3,280 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward move from the $3,201 swing low to the $3,395 high.
If there is a new increase, the price may encounter resistance near the USD 3,350 level. The first major resistance is around the $3,400 level. The next major hurdle is near the USD 3,440 level. A close above the USD 3,440 level could send Ether towards the USD 3,500 resistance.
The next major resistance is near USD 3,550. An upside break above the USD 3,550 resistance could send the price higher towards the USD 3,720 resistance zone in the near term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,350 resistance, it could continue falling. The initial downside support is near USD 3,280. The first major support is near the $3,250 zone and the trendline.
A clear move below the USD 3,250 support could push the price towards USD 3,180. Any further losses could send the price towards the USD 3,120 support level in the near term. The next major support is at $3,080.
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 – $3,250
Major resistance level – $3,350
