Ethereum
Potential recovery hampered by downward pressure
Ethereum price failed to break above the $3,520 area and started a fresh decline. ETH dipped below the $3,250 support and even tested the $3,150 area.
- Ethereum started a fresh decline below the $3,320 and $3,250 levels.
- The price is trading below $3,250 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct its losses, but gains could be limited above the $3,320 zone.
Ethereum Price Takes a Hit
Ethereum price failed to continue above the $3,450 and $3,420 resistance levels. ETH started a fresh decline below the $3,320 support zone as BitcoinThere was a move below the $3,250 and $3,220 support levels.
The price declined by 5% and even tested the $3,150 support. A low was formed at $3,156 and the price is now consolidating its losses. There was a move above the $3,200 resistance level. The price is now testing the 23.6% Fibonacci retracement level of the downward move from the $3,426 high to $3,156 low.
Ethereum trades below $3,300 and the 100-hour simple moving average. In case of a recovery wave, the price could face resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fibonacci retracement level of the downward move from the $3,426 high to $3,156 low.
There is also a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD. The next major hurdle lies near the $3,365 level. A close above the $3,365 level could send Ether towards the $3,450 resistance. The next key resistance lies near $3,500. An upside break above the $3,500 resistance could push the price higher. Any further gains could send Ether towards the $3,550 resistance area.
Another ETH decline?
If Ethereum fails to break the $3,320 resistance, it could continue lower. The initial support on the downside is near $3,200. The first major support is near the $3,150 area.
A clear move below the $3,150 support could push the price towards $3,080. Any further losses could push the price back towards the $3,050 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,150
Major Resistance Level – $3,320