Key Hurdles Blocking Its Path?

Ethereum price struggled to continue higher above $3,350 and dipped. ETH is now correcting losses and might face resistance near the $3,220 zone.

• Ethereum started a fresh decline below the $3,220 resistance zone.
• The price is trading below $3,200 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another decline if it stays below the $3,300 level.

Ethereum Price Dips Further

Ethereum price started a fresh decline below the $3,320 and $3,220 levels, like Bitcoin. ETH even declined below the $3,050 level before the bulls appeared.

A low was formed at $3,021 and the price is now correcting losses. There was a move above the $3,050 and $3,120 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $3,427 swing high to the $3,021 low.

Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,220 level or the 50% Fib retracement level of the downward move from the $3,427 swing high to the $3,021 low.

The first major resistance is near the $3,250 level. There is also a key bearish trend line forming with resistance at $3,270 on the hourly chart of ETH/USD. The main resistance is now forming near $3,300.

A clear move above the $3,300 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,420 resistance zone or even $3,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,120 level. The first major support sits near the $3,050.

A clear move below the $3,050 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,950.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,120

Major Resistance Level – $3,220