Ethereum price is struggling to recover above the $3,440 resistance zone. ETH is trending lower and could fall further if it breaks the $3,250 support level.
- Ethereum is struggling to break above the $3,370 and $3,440 levels.
- The price is trading below $3,380 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below the key bullish trendline with support at $3,300.
- A close below the $3,250 support could widen losses.
Ethereum price recovery disappears again
Like Bitcoin, the price of Ethereum attempted a new recovery by exceeding the $3,300 and $3,320 levels. ETH rose to the $3,400 level, but the downside was actively trading near $3,440.
A high was made near $3,443 before a new decline occurred. On the hourly chart of ETH/USD, a break has occurred below the main bullish trendline supporting $3,300. The price pared gains and retested the $3,250 support. The price traded as low as $3,253 and losses are now consolidating.
It is trading just above the 23.6% Fib retracement level of the bearish wave from the $3,443 swing high to the $3,253 low. However, Ethereum is trading below $3,380 and the 100-hour simple moving average.
Immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fib retracement level of the bearish wave from the $3,443 swing high to the $3,253 low. The next major resistance level is $3,440, above which the $3,500 level could be tested.
Source: ETHUSD on TradingView.com
The next major resistance can be seen near the $3,550 level, above which Ethereum could gain bullish momentum. If specified, the price could rise to the $3,650 region. If there is a move above the $3,650 resistance level, Ethereum may rise towards the $3,750 resistance level.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,350 resistance, it may continue to fall. Initial support for the downside is near the $3,250 level.
The first major support is near the $3,220 area. The next major support could be the $3,200 zone. A clear move below the $3,200 support could lead the price towards $3,120. Any more losses could push the price down to the $3,040 level.
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 level.
Key Support Level – $3,250
Key Resistance Level – $3,350