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Ethereum price extended its decline below $3,200. ETH is struggling and it seems like the bears are now aiming for a move toward the $3,000 support zone.
- Ethereum started a downside correction below the $3,350 zone.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it stays below the $3,420 and $3,500 resistance levels.
Ethereum Price Breaks Support
Ethereum price remained in a short-term bearish zone below the $3,550 and $3,500 levels, like Bitcoin. ETH declined below the $3,350 support level to move further in a short-term bearish zone.
Finally, the price traded below the $3,200 support. A low was formed at $3,162 and the price is now consolidating losses. It is showing a few bearish signs below the 23.6% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low.
Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,280 level. The first major resistance is near the $3,350 level.
The next key resistance sits at $3,420. There is also a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low.
Source: ETHUSD on TradingView.com
The next major resistance is near $3,550, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,650 level. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,800 resistance. Any more gains might call for a test of $4,000.
More Losses In ETH?
If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,260 level.
The first major support is near the $3,200 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,050. Any more losses might send the price toward the $3,000 level.
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 level.
Major Support Level – $3,260
Major Resistance Level – $3,420
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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