Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is currently showing signs of further losses below the $3,300 and $3,250 levels.
- Ethereum faces many obstacles near the $3,350 and $3,360 levels.
- The price is trading below $3,350 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the rising channel supporting $3,320.
- A close below the $3,200 support could widen losses.
Disadvantages of Ethereum Price Signals
Ethereum price was trading below the $3,300 level before beginning an upward trend. ETH traded as low as $3,215 before a small Bitcoin-like recovery wave. The price surpassed the $3,250 and $3,280 levels.
There was movement above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears remained active near the $3,360 resistance. The bulls struggled and prices responded with a downtrend.
On the hourly chart of ETH/USD, a break occurred below the ascending channel supporting $3,320. Ethereum is currently trading below $3,300 and the 100-hour simple moving average.
Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next major resistance lies at $3,435 or the 50% Fib retracement level of the downside wave from the $3,655 swing high to the $3,215 low, above which the price could test the $3,500 level.
Source: ETHUSD on TradingView.com
The next major resistance can be seen near the $3,550 level, above which Ethereum could gain bullish momentum. If specified, the price could rise to the $3,650 region. If there is a move above the $3,650 resistance level, Ethereum may rise towards the $3,750 resistance level. A test of $3,800 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,360 resistance, it may continue to fall. Initial support for the downside is near the $3,240 level.
The first major support is near the $3,215 area. The next major support could be the $3,200 zone. A clear move below the $3,200 support could lead the price towards $3,120. Any more losses could push the price down to the $3,040 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,215
Key Resistance Level – $3,360
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