Ethereum price failed to break the $3,280 resistance zone. ETH fell below the $3,200 support and is currently consolidating losses above $3,100.
- Ethereum struggled to break through the $3,250 and $3,280 resistance levels.
- The price is trading below $3,200 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,190.
- The pair may continue to fall if it trades below the $3,100 support level.
Ethereum price adjustment profit
Ethereum price struggled to break through the $3,250 and $3,280 resistance levels. ETH began a new downtrend and traded below the $3,200 support level to enter near-term bearish territory like Bitcoin.
Additionally, a break occurred below the main bullish trendline supporting $3,190 on the hourly chart of ETH/USD. The pair even fell below $3,150 and tested $3,100. The low was formed at $3,105 and the price is currently consolidating losses.
Ethereum is currently trading below $3,200 and the 100-hour simple moving average. It is testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.
Immediate resistance is near the $3,180 level and the 100-hourly simple moving average. The first major resistance is near the $3,200 level or the 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,220, above which the price may gain traction towards the $3,250 level. A close above the $3,250 resistance line could cause the price to head towards the $3,280 resistance line. Ethereum may test the $3,350 resistance level if there is a move above the $3,280 resistance level. Further gains could lead Ether towards the $3,500 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear resistance at $3,200, it may continue to fall. Initial support for the downside is near the $3,120 level. The first major support is near the $3,100 area.
Key support is near the $3,030 level. A clear drop below the $3,030 support could increase selling pressure and push the price towards $2,850. More losses could push the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,100
Key Resistance Level – $3,200
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