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Ethereum Price had difficulty staying higher above $ 3,350 and immersed. ETH now corrects losses and can experience resistance in the vicinity of the $ 3,220 zone.
- Ethereum started a new decline below $ 3,220 resistance zone.
- The price trades under $ 3,200 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance at $ 3,270 on the hourly table of ETH/USD (data feed via Kraken).
- The couple can start a new decline if it remains below the $ 3,300 level.
Ethereum -Price will fall further
Ethereum -Price started a new decrease below the level of $ 3,320 and $ 3,220, such as Bitcoin. ETH even fell below the $ 3,050 level before the bulls appeared.
A layer was formed at $ 3,021 and the price now corrects losses. There was a movement above the levels of $ 3,050 and $ 3,120. The price exceeded the 23.6% FIB retracement level of the downward movement of the $ 3,427 Swing high to $ 3,021 low.
Ethereum price is now being traded under $ 3,220 and the 100-hour simple advancing average. At the top the price seems to have to do with obstacles near the $ 3,220 level or the 50% FIB retracement level of the downward movement of the $ 3,427 Swing high to $ 3,021 low.
The first major resistance is near the level of $ 3,250. There is also an important bearish trend line that forms with resistance at $ 3,270 on the ETH/USD per hour table. The most important resistance is now almost $ 3,300.
A clear movement above the $ 3,300 resistance can send the price to the $ 3,350 resistance. An upward break above the $ 3,350 resistance can request more profit in the upcoming sessions. In the indicated case, Ether could rise to the $ 3,420 resistance zone or even $ 3,500 in the short term.
Another decline of ETH?
If Ethereum did not know the resistance of $ 3,220, this can start a new decline. The first support on the disadvantage is near the level of $ 3,120. The first major support is near the $ 3,050.
A clear movement under the support of $ 3,050 can push the price to $ 3,020 support. All losses can send the price in the short term to the support level of $ 3,000. The following key support is $ 2,950.
Technical indicators
Hour MacD – The MACD for ETH/USD loses Momentum in the bearish zone.
Hour RSI – The RSI for ETH/USD is now above 50 zone.
Major support level – $ 3,120
Large resistance level – $ 3,220