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Ethereum price widened its losses and fell below the $3,450 level. ETH is now recovering some of its losses and could move higher if it clears the $3,445 resistance.
- Ethereum began a new decline below the $3,500 level.
- The price is trading below $3,450 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance at $3,300.
- A break above the $3,450 and $3,500 resistance levels could initiate a significant rally.
Ethereum price remains above $3,200.
Ethereum price struggled to initiate a new rally above the $3,500 level and suffered extended losses like Bitcoin. ETH gained bearish momentum below the $3,400 level and was trading below $3,320.
The price is now consolidating above the $3,220 and $3,200 support levels. The low was formed at $3,220 and the price is currently consolidating losses. There was a break above the $3,250 level. Price cleared the 50% Fib retracement level moving down from the $3,553 swing high to the $3,220 low.
On the hourly chart of ETH/USD, a breakout occurred above the bearish trend line connecting the $3,300 resistance level. Ethereum price is currently trading below $3,450 and the 100-hour simple moving average.
On the other hand, the price appears to be facing a hurdle near the $3,445 level. This is close to the 61.8% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low. The first major resistance is near the $3,480 level.
Major resistance is currently forming near $3,550. A clear break above the $3,550 resistance level could push the price towards the $3,650 resistance level. An uptick above the $3,650 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,720 resistance zone or even $3,800.
Another decline in ETH?
If Ethereum fails to clear the $3,445 resistance, it may continue to fall. Initial support for the downside is near the $3,300 level. The first major support is near the $3,220 area.
A clear move below the $3,200 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 losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,220
Key Resistance Level – $3,445