Ethereum price extended its decline below the $3,320 support zone. ETH is now consolidating and might start a fresh increase if it clears $3,320.
- Ethereum remained in a bearish zone and traded below the $3,320 support zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $3,320 resistance zone.
Ethereum Price Faces Resistance
Ethereum price remained in a bearish zone below on the hourly timeframe below the $3,500 level. ETH extended its decline below the $3,320 support level, like Bitcoin.
It even spiked below $3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low.
Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,320 level. There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD.
The first major resistance is near the $3,350 level. The next key resistance sits at $3,440 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,680 hurdle. If there is a move above the $3,680 resistance, Ethereum could even climb toward the $3,780 resistance. Any more gains might call for a test of $3,850.
Another Rejection In ETH?
If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level.
The first major support is near the $3,220 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,040. Any more losses might send the price toward the $3,000 level.
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 below the 50 level.
Major Support Level – $3,220
Major Resistance Level – $3,320
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
