Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is now showing signs of further losses below the $3,300 and $3,250 levels.
- Ethereum is facing many obstacles near the $3,350 and $3,360 levels.
- The price is trading below $3,350 and the 100 hourly simple moving average.
- There was a break below an ascending channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,200 support zone.
Disadvantage of Ethereum Price Signals
Ethereum price traded below the $3,300 level before bulls appeared. ETH traded at $3,215 before there was a small wave of recovery, as Bitcoin. The price rose above the $3,250 and $3,280 levels.
There was a move above the 23.6% Fibonacci retracement level of the descending wave from the $3,655 swing high to $3,215 low. However, bears were active near the $3,360 resistance. The bulls fought back and the price reacted to the disadvantage.
There was a break below an ascending channel with support at $3,320 on the hourly ETH/USD chart. Ethereum is now trading below $3,300 and the 100 hourly simple moving average.
Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next key resistance lies at $3,435 or the 50% Fibonacci retracement level of the descending wave from the $3,655 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 to the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise towards the $3,750 resistance. Any additional winnings may require a $3,800 test.
More losses in ETH?
If Ethereum fails to overcome the $3,360 resistance, it could continue falling. Initial downside support is near the $3,240 level.
The first major support is near the $3,215 zone. The next important support could be the $3,200 zone. A clear move below the $3,200 support could send the price towards $3,120. Further losses could send the price towards the $3,040 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 – $3,215
Main resistance level – $3,360
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