Ethereum price failed to break the USD 3,280 resistance zone. ETH fell below the USD 3,200 support and is now consolidating losses above USD 3,100.
- Ethereum struggled to break the USD 3,250 and USD 3,280 resistance levels.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it trades below the $3,100 support.
Ethereum price cuts gains
Ethereum price struggled to break the USD 3,250 and USD 3,280 resistance levels. ETH started another decline and traded below the USD 3,200 support to enter a short-term bearish zone like Bitcoin.
Additionally, there was a break below a key bullish trendline with support at $3,190 on the hourly chart of ETH/USD. The pair even fell below $3,150 and tested $3,100. A low has formed at $3,105 and the price is now consolidating losses.
Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. It tests the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.
Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,200 level or the 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.
Source: ETHUSD on TradingView.com
The next major resistance is at USD 3,220, above which the price could gain strength and rise towards the USD 3,250 level. A close above the USD 3,250 resistance could send the price towards the USD 3,280 resistance. If there is a move above the USD 3,280 resistance, Ethereum could even test the USD 3,350 resistance. Even more gains could send Ether towards the USD 3,500 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,200 resistance, it could continue to decline. The initial downside support is near the $3,120 level. The first major support is near the $3,100 zone.
The main support is around the USD 3,030 level. A clear move below the USD 3,030 support could increase selling pressure and send the price towards USD 2,850. Any further losses could send the price towards the USD 2,650 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 below the 50 level.
Major support level – $3,100
Major resistance level – $3,200
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