Ethereum price continued its downward trend below $3,200. ETH is struggling and the bears now seem to be targeting a move towards the $3,000 support zone.
- Ethereum began a downward correction below the $3,350 area.
- The price is trading below $3,350 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,420.
- A stay below the $3,420 and $3,500 resistance levels could lead to a resumption of the decline.
Ethereum price discount support
Ethereum price, like Bitcoin, remained in a short-term downtrend area below the $3,550 and $3,500 levels. ETH fell below the $3,350 support level to move further out of near-term bearish territory.
The price finally traded below the $3,200 support level. The low was formed at $3,162 and the price is currently consolidating losses. There are several bearish signs below the 23.6% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low.
Ethereum price is currently trading below $3,350 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,280 level. The first major resistance is near the $3,350 level.
The next major resistance level is $3,420. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,420. The $3,675 swing high to $3,162 low is close to the 50% Fib retracement level of the bearish wave.
Source: ETHUSD on TradingView.com
The next major resistance level is near $3,550, above which the price could gain upward momentum. If specified, Ethereum could rise to the $3,650 level. Any move above the $3,650 resistance level could push Ethereum upwards towards the $3,800 resistance level. You may need to test $4,000 to get more profits.
Will there be more losses in ETH?
If Ethereum fails to clear resistance at $3,420, it may continue to fall. Initial support for the downside is near the $3,260 level.
The first major support is near the $3,200 area. The next major support could be the $3,120 zone. A clear move below the $3,120 support could lead the price towards $3,050. Any more losses could push the price down to the $3,000 level.
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 – $3,260
Key Resistance Level – $3,420
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.