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Ethereum price began a small recovery above the $3,200 area. ETH is struggling and could continue falling if it stays below $3,320.
- Ethereum began a small recovery in the $3,160 region.
- The price is trading below $3,320 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,250.
- The pair may struggle to initiate a new rally above the $3,320 resistance.
Ethereum price faces resistance
Ethereum price, like Bitcoin, began a short-term recovery at the $3,160 level. ETH was able to recover above the $3,200 and $3,220 resistance levels.
The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. Additionally, on the hourly chart of ETH/USD, there is a bullish trend line connecting with support at $3,250.
However, bears are active below the $3,320 and $3,350 levels. Ethereum price is currently trading below $3,320 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $3,300 level.
The first major resistance is near the $3,320 level. Major resistance is currently forming near $3,450 and the 50% Fib retracement level for a downward move from the $3,743 swing high to the $3,160 low. A clear break above the $3,450 resistance may lead the price to move towards the $3,500 resistance.
An uptick above the $3,520 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,650 resistance zone or $3,720 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,320 resistance, another decline could begin. Initial support for the downside is near the $3,250 level and trend line. The first major support is near $3,220.
A clear move below the $3,220 support could push the price towards the $3,160 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 – $3,220
Key Resistance Level – $3,320