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Ethereum price began a downward correction in the $3,450 area. ETH is currently facing a hurdle as it consolidates near the $3,250 resistance.
- Ethereum has begun a short-term downward correction in the $3,450 area.
- The price is trading above $3,120 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,240.
- If it remains stable above the $3,120 area, the pair may continue to rise.
Ethereum price hit support
Ethereum price, like Bitcoin, began a new rise above the $3,1200 resistance line. ETH could move further into positive territory above the $3,220 and $3,320 resistance levels.
It even soared beyond the $3,400 level and broke a monthly high. A high was reached at $3,445 before a slight decline. The price fell below the $3,320 and $3,250 support levels. The low was formed at $3,124 and the price is currently consolidating.
Ethereum price is currently trading above $3,120 and the 100-hour simple moving average. On the positive side, the price appears to be facing a hurdle near the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low.
Additionally, on the hourly chart of ETH/USD, there is a connecting bearish trendline forming resistance at $3,240. The first major resistance is near the $3,260 level. Major resistance is currently forming near $3,320. A clear break above the $3,320 resistance level could push the price towards the $3,450 resistance level.
An upside break above the $3,450 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $3,550 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,250 resistance, a downward correction could begin. Initial support for the downside is near the $3,150 level. The first major support is near the $3,120 area.
A clear break below the $3,120 support could push the price towards $3,050. More losses could push the price towards the $3,000 support level in the near term. The next major support level is $2,880.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $3,120
Key Resistance Level – $3,250