Ethereum price is struggling to recover above the USD 3,440 resistance zone. ETH is moving lower and could fall further if it breaks the USD 3,250 support.
- Ethereum is struggling to climb above the USD 3,370 and USD 3,440 levels.
- The price is trading below $3,380 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trendline with support at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if a close occurs below the $3,250 support zone.
Ethereum Price Recovery Fades Again
Ethereum price tried to make a new recovery wave above the USD 3,300 and USD 3,320 levels, just like Bitcoin. ETH even climbed above the USD 3,400 level, but the bears were active near the USD 3,440 zone.
A high was formed around $3,443 before another decline occurred. There was a break below a major bullish trendline with support at $3,300 on the hourly chart of ETH/USD. The price pared gains and retested the USD 3,250 support. The price traded as low as $3,253 and is currently consolidating losses.
It is trading just above the 23.6% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. However, Ethereum is trading below $3,380 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. The next major resistance is at USD 3,440, above which the price could test the USD 3,500 level.
Source: ETHUSD on TradingView.com
The next major resistance is seen around the $3,550 level, above which Ether could gain bullish momentum. In the mentioned case, the price could rise towards the $3,650 zone. If there is a move above the USD 3,650 resistance, Ethereum could even rise towards the USD 3,750 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 3,350 resistance, it could continue falling. The initial downside support is near the USD 3,250 level.
The first major support is near the $3,220 zone. The next major support could be the $3,200 zone. A clear move below the USD 3,200 support could send the price towards USD 3,120. Any further losses could send the price towards the USD 3,040 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,250
Major resistance level – $3,350