Ethereum price corrected gains and traded below the $3,300 level. ETH is consolidating and facing hurdles near the $3,300 resistance zone.
- Ethereum has started a downside correction from the $3,400 resistance.
- The price is trading below $3,330 and the 100 hourly simple moving average.
- There was a break below a bullish trend line with support at $3,295 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it breaks above the $3,330 resistance zone.
Ethereum Price Extends Losses Below $3,300
Ethereum price failed to clear the $3,400 resistance zone and started a downside correction as Bitcoin. ETH traded below the $3,330 and $3,300 support levels to enter a short-term bearish zone.
There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD. The pair even reached below the $3,250 support zone. A low is formed at $3,231 and the price is now consolidating losses. It recovered some losses and traded above $3,280.
The price tested the 50% Fibonacci retracement level of the downward move from the $3,362 swing high to $3,231 low. Ethereum price is now trading below $3,300 and the 100-hour Simple Moving Average.
If there is a fresh increase, the price could face resistance near the $3,300 level and the 100 hourly simple moving average. The first major resistance is near the $3,330 level and the 76.4% Fib retracement level of the downward move from the $3,362 swing high to $3,231 low.
The next major hurdle is near the $3,350 level. A close above the $3,350 level could send Ether towards the $3,400 resistance. The next key resistance is near the $3,500 level. An upside break above the $3,500 resistance could push the price towards the $3,650 resistance zone in the near term.
Another ETH decline?
If Ethereum fails to clear the $3,330 resistance, it could continue to decline. The initial support on the downside is near the $3,250 level. The first major support is near the $3,230 zone.
A clear move below the $3,230 support could push the price towards the $3,180 level. Any more losses could send the price towards the $3,080 support level in the near term. The next major support lies at $3,020.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,230
Major Resistance Level – $3,330