Ethereum price still faces many obstacles near $3,200. If the price stays below $3,200 and $3,280, ETH could begin another major decline.
- Ethereum is struggling to recover above the $3,200 resistance zone.
- The price is trading below $3,200 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,120.
- If the price closes below the $2,900 support zone, the pair could begin another downtrend.
Ethereum price integration
Ethereum price found support and attempted a recovery above the $3,000 resistance zone. ETH could break above the $3,200 level. However, the bears remained active near the $3,280 resistance zone.
A high was reached at $3,278 and the price reacted to the downtrend like Bitcoin. It fell below the 23.6% Fib retracement level from the $2,536 swing low to the $3,278 high. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.
Immediate resistance is near the $3,100 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $3,120. The first major resistance is near the $3,200 level and the 100-hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,280, and a break above this could lead to a rise to the $3,350 level. The major hurdle could be $3,500, beyond which Ethereum could show strength. If stated, the price could rise to the $3,620 region. Any move above the $3,620 resistance level could push Ethereum towards the $3,750 resistance level.
Another decline in ETH?
If Ethereum fails to clear the $3,200 resistance, it could begin another downtrend. Initial support for the downside is near the $3,000 level.
The first major support is near the $2,900 area or the 50% Fib retracement level of the rise from the $2,536 swing low to the $3,278 high. The next major support could be the $2,710 zone. A clear move below the $2,710 support could lead the price towards $2,650. Any more losses could push the price down to the $2,550 level.
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 level.
Key Support Level – $2,900
Key Resistance Level – $3,200
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