Ethereum price extended losses below $3,320 support. ETH has tested the $3,240 support and is now eyeing a decent rise above the $3,380 resistance.
- Ethereum extended losses and tested the $3,240 support zone.
- The price is trading below $3,400 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may attempt a decent rise above the $3,380 and $3,400 resistance levels.
Ethereum Price Funda Support
Ethereum price struggled to begin a fresh rise above the $3,500 zone. ETH followed Bitcoin’s downward trajectory and the price fell below the $3,350 level. The bears pushed the price below the $3,320 support zone.
A low was formed at $3,230 and the price is now correcting losses. There was a small upward movement above the $3,300 and $3,320 levels. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the swing high of $3,517 to the low of $3,230.
Ethereum is still trading below $3,450 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $3,375 level or the 50% Fib retracement level of the recent drop from the swing high of $3,517 to the low of $3,230.
The first major resistance is near the $3,450 level. There is also a bearish trend line forming with resistance near $3,440 on the hourly chart of the ETH/USD pair.
The main resistance is at $3,540. A bullish breakout above the $3,540 resistance could push the price higher. The next key resistance lies at $3,620, above which the price could gain strength and rise towards the $3,650 level. Any further gains could send Ether towards the $3,720 resistance zone in the coming days.
Another decline in ETH?
If Ethereum fails to overcome the $3,450 resistance, it could begin another decline. Initial downside support is near $3,325. The first major support is near the $3.24 zone.
A clear move below the $3,240 support could push the price towards $3,200. Further losses could send the price towards the $3,120 level in the near term.
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 above the 50 zone.
Major support level – $3,240
Main resistance level – $3,450