Ethereum price faces many obstacles near $3,200. ETH could gain bearish momentum if the price stays below $3,200 and $3,280.
- 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.
- On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the connecting bullish trendline with support at $3,100.
- If the price closes below the $3,000 support zone, the pair could begin another downtrend.
Ethereum Price Faces Hurdles
Ethereum price began to recover above the $3,000 resistance zone. ETH was able to break above the $3,120 level. However, the bears remained active near the $3,280 resistance zone.
A high was formed at $3,278 and the price began a new decline, like Bitcoin. There was a move below the $3,200 support level. Prices fell below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.
A break also occurred below the connecting bullish trendline supporting $3,100 on the hourly chart of ETH/USD. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.
Immediate resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next major resistance is $3,280, above which the $3,350 level could be tested. The main hurdle could be $3,500, above which Ethereum could show strength.
Source: ETHUSD on TradingView.com
If stated, the price could rise to the $3,620 region. If there is a move above the $3,620 resistance, Ethereum may rise towards the $3,750 resistance.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,200 resistance, it may continue to fall. 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 recovery wave from the $2,537 swing low to the $3,278 high. The next major support could be the $2,820 zone. A clear move below the $2,820 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 gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,000
Key Resistance Level – $3,200
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