Ethereum price failed to sustain above $3,250 and losses widened. ETH is down more than 5% and may struggle to break above $3,250 in the short term.
Ethereum began a new decline after failing to break above $3,200. The price is trading below $3,200 and the 100 hourly simple moving average. There is a significant bearish trend line forming resistance at $3,160 on the hourly chart of ETH/USD (data feed via Kraken). If it breaks below the $3,000 zone, the pair could continue to fall.
Ethereum price falls further
Ethereum price was unable to continue rising above $3,350 and started a new decline, similar to Bitcoin. ETH price fell below $3,200 and entered the bearish zone.
The decline continued below $3,150 and the price fell below $3,050. A low was formed at $3,003 and the price is currently correcting some losses. There was a move towards the 23.6% Fib retracement level of the recent decline from the swing high of $3,560 to the low of $3,003.
Ethereum price is currently trading below $3,200 and its 100 hourly simple moving average. If there is another wave of recovery, the price could face resistance near the $3,160 level. On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance at $3,160.
The next major resistance is near the $3,280 level and the 50% fibritracement level of the recent decline from the swing high of $3,560 to the low of $3,003.
The first major resistance level is near the $3,350 level. A clear break above the $3,350 resistance could push the price towards the $3,450 resistance. A break above the $3,450 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,500 resistance zone and even $3,550 in the short term.
Further losses for ETH?
If Ethereum fails to break through the $3,280 resistance level, a fresh decline could begin. The first support on the downside is near the $3,050 level. The first major support is located near the $3,000 zone.
A clear move below the $3,000 support could push the price towards the $2,880 support. Any further losses could send the price towards the $2,750 area in the near term. The next significant support is at $2,640 and $2,620.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,050
High resistance level – $3,280
