Ethereum price failed to continue above the $3,500 resistance zone. ETH corrected gains and is now trading in a range above the $3,400 level.
- Ethereum is consolidating below the $3,500 resistance zone.
- The price is trading below $3,480 and the 100 hourly simple moving average.
- There is a key falling channel forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a clear move above the $3,500 resistance zone.
Ethereum Price Stuck in a Range Below $3,550
Ethereum price failed to extend gains above the $3,550 resistance zone. ETH corrected gains and traded below the $3,500 level as Bitcoin. The bears managed to push the price below the $3,450 level.
A low is formed near $3,390 and the price is moving higher. There was a move above the $3,420 level. The price climbed above the 50% Fib retracement level of the downward move from the $3,540 high to $3,390 low. However, the bears are active near the $3,500 level.
They failed to clear the 61.8% Fibonacci retracement level of the downward move from the $3,540 high to $3,390 low. There is also a key falling channel forming with resistance at $3,470 on the hourly chart of ETH/USD.
Ethereum is now trading below $3,500 and the 100-hour Simple Moving Average. On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level.
A close above the $3,520 level could send Ether towards the $3,550 resistance. The next key resistance is near the $3,650 level. An upside break above the $3,650 resistance could send the price higher towards the $3,800 resistance zone.
Another ETH decline?
If Ethereum fails to clear the $3,500 resistance, it could start another decline. The initial support on the downside is near the $3,420 level. The first major support is near the $3,400 zone.
A clear move below the $3,400 support could push the price towards the $3,340 support level. Further losses could send the price towards the $3,320 support level in the near term. The next important support lies at $3,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,400
Major Resistance Level – $3,500