Ethereum price extended its decline below the $3,320 support zone. ETH is now consolidating and could begin a further increase if it reaches $3,320.
- Ethereum remained in a bearish zone and traded below the $3,320 support zone.
- The price is trading below $3,400 and the 100 hourly simple moving average.
- There is a large bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the $3,320 resistance zone.
Ethereum Price Faces Resistance
The price of Ethereum remained at a bearish zone down on the hourly time frame below the $3,500 level. ETH extended its decline below the $3,320 support level as Bitcoin.
It even reached less than US$3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fibonacci retracement level of the descending wave from the $3,655 swing high to $3,215 low.
Ethereum is now trading below $3,400 and the 100 hourly simple moving average. Immediate resistance is near the $3,320 level. There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of the ETH/USD pair.
The first major resistance is near the $3,350 level. The next key resistance lies at $3,440 or the 50% Fibonacci retracement level of the descending wave from the $3,655 swing high to $3,215 low, above which the price could test the $3,500 level .
Source: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise towards the $3,680 barrier. If there is a move above the $3,680 resistance, Ethereum could even rise towards the $3,780 resistance. Any additional winnings may require a $3,850 test.
Another rejection in ETH?
If Ethereum fails to overcome the $3,320 resistance, it could continue falling. Initial downside support is near the $3,250 level.
The first major support is near the $3,220 zone. The next important support could be the $3,120 zone. A clear move below the $3,120 support could send the price towards $3,040. Further losses could send the price towards the $3,000 level.
Technical Indicators
MACD per hour – The MACD for ETH/USD is losing strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,220
Main resistance level – $3,320
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