Ethereum price extended losses and tested the $3,080 support zone. ETH is recovering and may test the $3,350 resistance zone.
- Ethereum started to recover after testing $3,080.
- The price is trading below $3,350 and the 100 hourly simple moving average.
- The downtrend line connected with the resistance level of $3,220 has broken down on the ETH/USD hourly chart based on data provided by Kraken.
- The pair can continue to rise if it remains above the $3,180 support zone.
Ethereum Price Recovers Above $3,200
Ethereum price extended its downtrend below the $3,250 support zone. ETH fell below $3,150 and tested the $3,080 support zone. A low was formed at $3,087 and the price is currently rising but lacks momentum like Bitcoin.
There was a move above the $3,200 resistance level. The price broke the 23.6% Fibonacci correction level of the downward move from the $3,500 swing high to the $3,087 low. In addition, there was a break above the downtrend line connected to the $3,220 resistance level on the hourly chart of ETH/USD.
Ethereum is still trading below $3,350 and the 100 hourly simple moving average. If there is further upside, the price could face resistance near $3,300.
The first major resistance level is near the $3,350 level, the 100-hourly simple moving average, and the 61.8% Fibonacci correction level of the decline from the $3,500 swing high to the $3,087 low. The next major hurdle is near the $3,400 level. A close above the $3,400 level could see Ether move towards the $3,500 resistance level.
The next major resistance is near $3,550. A break above the $3,550 resistance could push the price up to the $3,720 resistance in the coming days.
Will ETH fall again?
If Ethereum fails to break the $3,300 resistance, it could start another downtrend. The initial support for the downtrend is near $3,185. The first major support is near the $3,120 area.
A clear move below the $3,120 support level could see the price rise to $3,080. Further losses could see the price rise to the $3,020 support level in the short term. The next major support level is $2,950.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in a bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $3,185
Key Resistance Level – $3,350