Ethereum price started declining again after the USD 3,300 resistance. ETH is now consolidating losses and is at risk of more losses below $3,150.
- Ethereum started a sharp downward correction below $3,250.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- A short-term descending channel is forming with resistance at $3,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $3,160 zone.
Ethereum price struggles below resistance
The price of Ethereum failed to hold steady above $3,280 and, like Bitcoin, started a new decline. ETH price fell below USD 3,250 and USD 3,220 to enter a bearish zone.
The bears even pushed the price below the 61.8% Fib retracement level of the recent wave, from the $3,060 swing low to the $3,402 high. The price eventually tested USD 3,160 and is currently consolidating losses. A short-term descending channel is also forming with resistance at $3,210 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $3,160, the price could try to rise again.
Immediate resistance is seen near the $3,220 level. The first major resistance is near the $3,260 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.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 3,220 resistance, it could trigger another decline. The initial downside support is near the $3,160 level. The first major support is near the $3,140 zone or the 76.4% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high.
A clear move below the USD 3,140 support could push the price towards the USD 3,080 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 gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,160
Major resistance level – $3,220