Ethereum price extended its decline below $3,200. ETH is struggling and it appears that bears are now targeting a move towards the $3,000 support zone.
- Ethereum started a downside correction below the $3,350 zone.
- The price is trading below $3,350 and the 100 hourly simple moving average.
- There is a major downtrend line forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may resume its decline if it remains below the $3,420 and $3,500 resistance levels.
Support for Ethereum price breaks
Ethereum price remained in a short-term bearish zone below the $3,550 and $3,500 levels, as Bitcoin. ETH fell below the $3,350 support level to move further into a short-term bearish zone.
Finally, the price traded below the $3,200 support. A low was formed at $3,162 and the price is now consolidating losses. It is showing some bearish signs below the 23.6% Fib retracement level of the descending wave from the swing high of $3,675 to the swing low of $3,162.
Ethereum price is now trading below $3,350 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,280 level. The first major resistance is near the $3,350 level.
The next key resistance lies at $3,420. There is also a major bearish trend line forming with resistance at $3,420 on the hourly ETH/USD chart. It is close to the 50% Fibonacci retracement level of the descending wave from the $3,675 swing high to $3,162 low.
Source: ETHUSD on TradingView.com
The next major resistance is near $3,550, above which the price could gain bullish momentum. In the stated case, Ether could rise towards the $3,650 level. If there is a move above the $3,650 resistance, Ethereum could even rise towards the $3,800 resistance. Any additional winnings may require a $4,000 test.
More losses in ETH?
If Ethereum fails to overcome the $3,420 resistance, it could continue falling. Initial downside support is near the $3,260 level.
The first major support is near the $3,200 zone. The next important support could be the $3,120 zone. A clear move below the $3,120 support could send the price towards $3,050. Further losses could send the price towards the $3,000 level.
Technical Indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,260
Main resistance level – $3,420
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