The price of Ethereum has surpassed the $3,300 level. ETH recently began a sharp decline below $3,300 after testing the $3,350 resistance.
- Ethereum rallied towards $3,350 before the downtrend reemerged.
- The price is trading below $3,220 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,250.
- If it trades below the $3,165 support, the pair may continue to fall.
Ethereum price adjustment profit
Ethereum price began a strong rise above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance level. However, the bears were actively trading near the $3,350 level.
A high was reached at $3,355 and the price began a new downward trend. There was a sharp move below the $3,300 level. Prices fell below the 50% Fib retracement level, rising from the $3,070 swing low to the $3,355 high.
Additionally, a break occurred below the main bullish trendline supporting $3,250 on the hourly chart of ETH/USD. Ethereum is currently trading below $3,220 and the 100-hour simple moving average.
However, bulls are active near the $3,165 support line and the 61.8% Fib retracement rising from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,250 level. The next major resistance level is $3,350, above which the price may gain traction and advance towards the $3,465 level. A close above the $3,465 resistance line could cause the price to head towards the $3,550 resistance line. If there is a move above the $3,550 resistance level, Ethereum may test the $3,680 resistance level. Further gains could push Ether towards the $3,750 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear the $3,210 resistance, it may continue to fall. Initial support for the downside is near the $3,180 level. The first major support is near the $3,165 area.
Key support is near the $3,070 level. A clear decline below the $3,070 support could lead to more losses and push the price towards $3,030. More losses could push the price towards the $2,880 level in the near term.
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 – $3,165
Key Resistance Level – $3,210
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