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Ethereum price faced rejection and dropped from the $3,650 zone. ETH retested the $3,320 support and might start another increase.
- Ethereum started another decline and traded below the $3,500 support zone.
- The price is trading below $3,500 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $3,450 resistance zone.
Ethereum Price Dips Again
Ethereum price struggled to continue higher above the $3,650 resistance. ETH faced rejection and started a fresh decline below the $3,550 level, like Bitcoin.
There was a sharp move below the $3,500 and $3,450 levels. Finally, it retested the $3,320 support zone. A low was formed at $3,324 and the price is now attempting a recovery wave. There was a move above the $3,360 level. Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average.
On the upside, immediate resistance is near the $3,400 level. It is near the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.
The first major resistance is near the $3,420 level and the trend line. The next key resistance sits at $3,450, above which the price might test the 50% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.
The next key resistance is seen near the $3,520 level and the 100-hourly Simple Moving Average, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 barrier.
Source: ETHUSD on TradingView.com
If there is a move above the $3,650 resistance, Ethereum could even climb toward the $3,720 resistance. Any more gains might call for a test of $3,880.
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 $3,320 level.
The first major support is near the $3,250 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level.
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 level.
Major Support Level – $3,320
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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