Ethereum price is struggling to recover above the $3,440 resistance zone. ETH is falling and could fall further if it breaks the $3,250 support.
- Ethereum is struggling to rise above the $3,370 and $3,440 levels.
- The price is trading below $3,380 and the 100 hourly simple moving average.
- There was a break below a key rising trend line with support at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,250 support zone.
Ethereum Price Recovery Fades Again
Ethereum price tried a new recovery wave above the $3,300 and $3,320 levels, as Bitcoin. ETH even rose above the $3,400 level, but bears were active near the $3,440 zone.
A high was formed near $3,443 before there was a further decline. There was a break below a key rising trend line with support at $3,300 on the hourly ETH/USD chart. The price pared gains and retested the $3,250 support. The price traded at $3,253 and is currently consolidating losses.
It is trading just above the 23.6% Fibonacci retracement level of the descending wave from the $3,443 swing high to $3,253 low. However, Ethereum is trading below $3,380 and the 100 hourly simple moving average.
Immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fibonacci retracement level of the descending wave from the $3,443 swing high to $3,253 low. The next key resistance lies at $3,440, 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.
More losses in ETH?
If Ethereum fails to overcome the $3,350 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 $3,200 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 – $3,250
Main resistance level – $3,350