Ethereum price struggled to recover above $3,350 and corrected its upward trend. ETH is consolidating near $3,200 and faces many obstacles.
- Ethereum began another decline and tested the $3,120 area.
- The price is trading below $3,220 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term ascending channel with support at $3,170.
- The pair could continue to fall if it trades below the $3,170 support.
Ethereum price faces an uphill climb
Ethereum price failed to settle above the $3,250 level and began another Bitcoin-like decline. ETH was trading below the $3,200 level and even surged below $3,120. The low was formed at $3,113 and the price is currently consolidating.
It increased slightly above the $3,200 level. The price recently broke the 23.6% Fib retracement level of the decline from the $3,355 swing high to the $3,113 low. However, the bears were actively trading near the $3,240 and $3,250 levels.
The 50% Fib retracement level, which recently fell from the $3,355 swing high to the $3,113 low, acted as a hurdle. There was a fresh decline below the $3,200 level. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.
Additionally, a short-term upward channel has formed on the hourly chart of ETH/USD with support at $3,170. Immediate resistance is near the $3,200 level and the 100-hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,240 level. The next major resistance level is $3,300, above which the price may gain traction towards the $3,350 level. A close above the $3,350 resistance line may cause the price to head towards the $3,450 resistance line. Ethereum may test the $3,550 resistance level if there is a move above it. Further gains could lead Ether towards the $3,620 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear the $3,250 resistance, it may continue to fall. Initial support on the downside is near the $3,170 level and channel area. The first major support is near the $3,120 area.
Key support is near the $3,070 level. A clear break below the $3,070 support could push the price towards $3,030. More losses could push the price towards the $2,880 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,170
Key Resistance Level – $3,250
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