Ethereum price extended its decline below the $3,320 support level. ETH is currently consolidating and may begin a new hike once $3,320 is cleared.
- Ethereum remained in bearish territory and traded below the $3,320 support zone.
- The price is trading below $3,400 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 $3,320.
- If it settles above the $3,320 resistance zone, it could gain bullish momentum.
Ethereum price faces resistance
Ethereum price remained in bearish territory below the $3,500 per hour level. ETH, like Bitcoin, extended its decline below the $3,320 support level.
It even surged below $3,220. The lowest point was made at $3,215 and the price is currently recovering. There was a move above the $3,250 level. The 23.6% Fib retracement level of the bearish wave was tested from the $3,655 swing high to the $3,215 low.
Ethereum is currently trading below $3,400 and the 100-hour simple moving average. Immediate resistance is near the $3,320 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $3,320.
The first major resistance is near the $3,350 level. The next major resistance lies at $3,440 or the 50% Fib retracement level of the downside wave from the $3,655 swing high to the $3,215 low, above which the price could test the $3,500 level.
Source: ETHUSD on TradingView.com
The next major resistance can be seen near the $3,550 level, above which Ethereum could gain bullish momentum. If specified, the price could go as high as $3,680. If there is a move above the $3,680 resistance level, Ethereum may move higher towards the $3,780 resistance level. A test of $3,850 may be needed for further gains.
Another rejection by ETH?
If Ethereum fails to clear resistance at $3,320, it may continue to fall. Initial support for the downside is near the $3,250 level.
The first major support is near the $3,220 area. The next major support could be the $3,120 zone. A clear move below the $3,120 support could lead the price towards $3,040. Any more losses could push the price down to the $3,000 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 – $3,220
Key Resistance Level – $3,320
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