Ethereum price is struggling to recover above the USD 3,360 resistance zone. ETH is now showing signs of more losses below the USD 3,300 and USD 3,250 levels.
- Ethereum is facing many hurdles near the USD 3,350 and USD 3,360 levels.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There was a break below an ascending channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if a close occurs below the $3,200 support zone.
Ethereum price signals downside
Ethereum price was trading below the USD 3,300 level before the bulls appeared. ETH traded as low as $3,215 before seeing a small recovery wave like Bitcoin. The price climbed above the USD 3,250 and USD 3,280 levels.
There was a move above the 23.6% Fib retracement level of the downwave from the $3,655 swing high to the $3,215 low. However, the bears were active near the USD 3,360 resistance. The bulls were struggling and the price responded to the downtrend.
There was a break below an ascending channel with support at $3,320 on the hourly chart of ETH/USD. Ethereum is now trading below $3,300 and the 100-hourly Simple Moving Average.
The immediate resistance is near the USD 3,300 level. The first major resistance is around the $3,360 level. The next major resistance is at $3,435 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price could test the $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. Any winnings could require a $3,800 test.
Lose more in ETH?
If Ethereum fails to clear the USD 3,360 resistance, it could continue to decline. The initial downside support is near the $3,240 level.
The first major support is near the $3,215 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 – $3,215
Major resistance level – $3,360
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