Ethereum price failed to hold higher above the USD 3,500 resistance zone. ETH corrected the gains and is now trading in a range above the $3,400 level.
- Ethereum is consolidating below the USD 3,500 resistance zone.
- The price is trading below $3,480 and the 100-hourly Simple Moving Average.
- A major descending channel is forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if there is a clear move above the USD 3,500 resistance zone.
Ethereum price remained stuck in a range below USD 3,550
Ethereum price failed to extend gains above the USD 3,550 resistance zone. ETH corrected gains and, like Bitcoin, traded below the $3,500 level. The bears managed to push the price below the USD 3,450 level.
A low is formed near USD 3,390 and the price rises. There was a move above the USD 3,420 level. The price climbed above the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. However, the bears are active around the $3,500 level.
They failed to break the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. A major descending channel is also forming with resistance at $3,470 on the hourly chart of ETH/USD.
Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $3,480 level. The first major resistance is around the $3,500 level. The next major hurdle is near the USD 3,520 level.
A close above the USD 3,520 level could send Ether towards the USD 3,550 resistance. The next major resistance is near USD 3,650. An upside break above the USD 3,650 resistance could send the price higher towards the USD 3,800 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could trigger another decline. The initial downside support is near USD 3,420. The first major support is near the $3,400 zone.
A clear move below the USD 3,400 support could push the price towards USD 3,340. Any further losses could send the price towards the USD 3,320 support level in the near term. The next major support is at USD 3,250.
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 above the 50 zone.
Major support level – $3,400
Major resistance level – $3,500
