Ethereum price extended losses and fell below the $3,450 zone. ETH is now recovering some losses and could rise if it breaks the $3,445 resistance.
- Ethereum started a fresh decline below the $3,500 zone.
- The price is trading below $3,450 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD (data via Kraken).
- The pair could start a decent rise if it breaks the $3,450 and $3,500 resistance levels.
Ethereum price remains above $3200
Ethereum price struggled to start a fresh rise above the $3,500 level and extended losses as bitcoin. ETH gained bearish momentum below the $3,400 level and traded below $3,320.
The price is now consolidating above the $3220 and $3200 support levels. A low was formed at $3220 and the price is now consolidating losses. There was a break above the $3,250 level. The price surpassed the 50% Fibonacci retracement level of the downward move from the high of $3,553 to the low of $3,220.
There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100 hour simple moving average.
On the upside, the price seems to face obstacles near the $3,445 level. It is near the 61.8% Fibonacci retracement level of the downward move from the high $3,553 to the low $3,220. The first major resistance is near the $3,480 level.
The main resistance is now forming near $3,550. A clear move above the $3,550 resistance could send the price towards the $3,650 resistance. A bullish break above the $3,650 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,720 or even $3,800.
Another drop in ETH?
If Ethereum fails to clear the $3,445 resistance, it could continue down. Initial support on the downside is near the $3,300 level. The first major support lies near the $3,220 area.
A clear move below the $3,200 support could push the price towards the $3,120 support. Any further losses could send the price towards the $3,050 support level in the near term. The next key support is at $3,000.
Technical Indicators
MACD hourly – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level: $3220
Main Resistance Level: $3,445
Fountain: NewsBTC.com
