Ethereum price faced rejection and fell from the $3,650 range. ETH has retested the $3,320 support and may begin a further hike.
- Ethereum began another decline and was trading below the $3,500 support zone.
- The price is trading below $3,500 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $3,420.
- If it settles above the $3,450 resistance zone, it could gain bullish momentum.
Ethereum price falls again
Ethereum price has struggled to continue rising above the $3,650 resistance level. ETH faced a rejection and, like Bitcoin, began a new downtrend below the $3,550 level.
There was a sharp decline below the $3,500 and $3,450 levels. Finally, the $3,320 support area was retested. The lowest point was made at $3,324 and the price is currently recovering. There was a move above the $3,360 level. Ethereum is currently trading below $3,500 and the 100-hour simple moving average.
On the other hand, immediate resistance is close to the $3,400 level. This is close to the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.
The first major resistance is near the $3,420 level and the trend line. The next major resistance is at $3,450, above which the price could test the 50% Fib retracement level for a downward move from the $3,654 swing high to the $3,324 low.
The next major resistance is seen near the $3,520 level and the 100-hourly simple moving average, above which Ether could gain bullish momentum. If stated, the price could rise towards the $3,650 barrier.
Source: ETHUSD on TradingView.com
If there is a move above the $3,650 resistance level, Ethereum may move higher towards the $3,720 resistance level. A test of $3,880 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,420 resistance, it may continue to fall. Initial support for the downside is near the $3,320 level.
The first major support is near the $3,250 area. The next major support could be the $3,220 zone. A clear move below the $3,220 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 losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,320
Key Resistance Level – $3,420
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