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Home»EXCHANGE NEWS»Ethereum Bears Emerge: Is a Deeper Downturn Coming?
EXCHANGE NEWS

Ethereum Bears Emerge: Is a Deeper Downturn Coming?

By Crypto FlexsJanuary 23, 20253 Mins Read
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Ethereum Bears Emerge: Is a Deeper Downturn Coming?
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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

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