Ethereum price failed to overcome the USD 3,300 resistance and declined. ETH is now showing some bearish signs and could drop towards $3,080.
- Ethereum started a downward correction below USD 3,240 and USD 3,200.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $3,200 zone.
Ethereum price cuts gains
Ethereum’s price did not remain above $3,300 and started a downward correction, just like Bitcoin. ETH price fell below USD 3,240 and USD 3,220 to enter a short-term bearish zone.
There was a break below a key bullish trendline with support at $3,200 on the hourly chart of ETH/USD. The pair even dipped below $3,150. A low was formed at $3,123, and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to the $3,123 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $3,120, the price could try to rise again. Immediate resistance is seen around the $3,180 level.
The first major resistance is near the $3,200 level. The next major resistance is near the $3,220 level or the 50% Fib retracement level of the recent decline from the $3,308 swing high to the $3,123 low.
A clear move above the USD 3,220 resistance could send the price towards the USD 3,250 resistance. An upside break above the $3,250 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,300 or even USD 3,320 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,220 resistance, it could trigger another decline. The initial downside support is near the $3,120 level. The first major support is near the $3,080 zone.
A clear move below the USD 3,080 support could push the price towards the USD 3,020 support. Any further losses could send the price towards $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 – $3,120
Major resistance level – $3,220