Ethereum price is struggling below the $3,400 resistance level. ETH is showing some signs of weakness and could fall below the $3,150 support.
- Ethereum has not been able to pace past $3,350 and $3,400.
- The price is trading below $3,300 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below the main contract triangle with support at $3,270.
- If it holds above the $3,120 support level, the pair could initiate another hike.
Ethereum price discount support
Ethereum price began a significant rally around the $3,220 level, but the gains were limited compared to Bitcoin. ETH cleared the $3,300 resistance level before a downtrend took place.
The highest price was reached at $3,361 and the price is currently falling. It has moved below the $3,250 and $3,220 support levels. Moreover, on the hourly chart of ETH/USD, a break has occurred below the main contracting triangle supporting $3,270.
A low was made at $3,201 and the price is currently consolidating. Ethereum price is currently trading below $3,300 and the 100-hour simple moving average. On the upside, the price appears to be facing a hurdle near the $3,280 level or the 50% Fib retracement level of a downward move from the $3,363 swing high to the $3,201 low.
The first major resistance is near the $3,300 level or the 61.8% Fib retracement level for a downside move from the $3,363 swing high to the $3,201 low. Major resistance is currently forming near $3,350.
A clear break above the $3,350 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 to the $3,550 resistance zone or $3,580 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,300 resistance, it could begin another downtrend. Initial support for the downside is near the $3,200 level. The first major support is near $3,150.
A clear move below the $3,150 support could push the price towards the $3,120 support. More losses may push the price towards the $3,050 support level in the near term. The next major support is $3,000.
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 area.
Key Support Level – $3,200
Key Resistance Level – $3,300