Ethereum price extended losses below the USD 3,320 support. ETH tested the USD 3,240 support and is now seeing a decent rise above the USD 3,380 resistance.
- Ethereum extended losses and tested the USD 3,240 support zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could attempt a decent rise above the USD 3,380 and USD 3,400 resistance levels.
Ethereum price finds support
Ethereum price struggled to start a new increase above the $3,500 zone. ETH followed Bitcoin’s bearish path and its price fell below the USD 3,350 level. The bears pushed the price below the USD 3,320 support zone.
A low was formed at USD 3,230 and the price is now correcting the losses. There was a small upward move above the USD 3,300 and USD 3,320 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $3,517 swing high to the $3,230 low.
Ethereum is still trading below $3,450 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,375 level or the 50% Fib retracement level of the recent decline from the $3,517 swing high to the $3,230 low.
The first major resistance is around the $3,450 level. There is also a major bearish trendline forming with resistance around $3,440 on the hourly chart of ETH/USD.
The main resistance is at $3,540. An upside break above the USD 3,540 resistance could send the price higher. The next major resistance is at USD 3,620, above which the price could gain strength and rise towards the USD 3,650 level. Any further gains could send Ether towards the USD 3,720 resistance zone in the coming days.
Another drop in ETH?
If Ethereum fails to clear the USD 3,450 resistance, it could trigger another decline. The initial downside support is near USD 3,325. The first major support is near the $3.24 zone.
A clear move below the USD 3,240 support could push the price towards USD 3,200. Any further losses could send the price towards the USD 3,120 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,240
Major resistance level – $3,450