Ethereum price struggled to clear the $3,400 zone and corrected gains. ETH is holding steady near $3,280 and could attempt another surge in the near term.
- Ethereum has started a downside correction from the $3,400 resistance.
- The price is trading close to $3,280 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase unless there is a close below the $3,250 support zone.
Ethereum Price Holds Steady as Bitcoin Falls
Ethereum price extended its rise above the $3,250 zone. ETH even broke above the $3,350 resistance zone and tested the $3,400 level. There was a downside correction from the $3,395 high recently, but it was minor compared to Bitcoin.
The price fell below the $3,350 support zone. It fell below the 50% Fibonacci retracement level of the upward move from the $3,201 swing low to $3,395 high.
Ethereum is now trading near $3,280 and the 100-hour Simple Moving Average. There is also a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the upward move from the $3,201 swing low to $3,395 high.
If there is a fresh increase, the price could face resistance near the $3,350 level. The first major resistance is near the $3,400 level. The next major hurdle is near the $3,440 level. A close above the $3,440 level could send Ether towards the $3,500 resistance.
The next key resistance is near the $3,550 level. An upside break above the $3,550 resistance could push the price towards the $3,720 resistance zone in the near term.
More ETH losses?
If Ethereum fails to clear the $3,350 resistance, it could continue to decline. The initial support on the downside is near the $3,280 level. The first major support is near the $3,250 zone and the trendline.
A clear move below the $3,250 support could push the price towards $3,180. Any further losses could send the price towards the $3,120 support level in the near term. The next key support lies at $3,080.
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 below the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,350